Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Nine-Month Period Ended September 30, 2013 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (174,957 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 103,313 | |||
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Total loss | $ | (71,644 | ) | |
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 100,812 | ||
An estimate of the interest component within rental expense | 2,501 | |||
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Total fixed charges before preferred dividends | $ | 103,313 | ||
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Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.000 | |||
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Preferred dividend factor | — | |||
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Total fixed charges and preferred stock dividends | $ | 103,313 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A | ) | ||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (174,957 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 32,398 | |||
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Total earnings | $ | (142,559 | ) | |
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 29,897 | ||
An estimate of the interest component within rental expense | 2,501 | |||
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Total Fixed Charges before preferred dividends | $ | 32,398 | ||
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Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.000 | |||
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Preferred dividend factor | — | |||
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Total fixed charges and preferred stock dividends | $ | 32,398 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A | ) |
(A) | For the nine-month period ended September 30, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $175.0 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2013. |