Exhibit 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Six-Month Period Ended June 30, 2013 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (194,573 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 71,193 | |||
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| |||
Total loss | $ | (123,380 | ) | |
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 69,514 | ||
An estimate of the interest component within rental expense | 1,679 | |||
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Total Fixed Charges | $ | 71,193 | ||
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Ratio of Earnings to Fixed Charges | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (194,573 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 21,731 | |||
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| |||
Total earnings | $ | (172,842 | ) | |
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 20,052 | ||
An estimate of the interest component within rental expense | 1,679 | |||
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Total Fixed Charges | $ | 21,731 | ||
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Ratio of Earnings to Fixed Charges | (A) |
(A) | For the six-month period ended June 30, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $194.6 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2013. |