Popular (BPOP) 10-Q2010 Q1 Quarterly report

Filed: 10 May 10, 12:00am

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Exhibit 12.1

POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)


	Quarter Ended						Year Ended December 31,
	March 31,			March 31,
	2010⁽¹⁾			2009⁽¹⁾			2009⁽¹⁾			2008⁽¹⁾			2007⁽¹⁾		2006⁽¹⁾		2005⁽¹⁾
(Loss) income from continuing operations before income taxes and cumulative effect of accounting changes	($	102,226	)	($	73,002	)	($	579,694	)	($	232,959	)	$	266,909	$	551,893	$	665,045

Fixed charges :

Interest expense and capitalized		158,495			216,706			754,506			994,919			1,246,577		1,200,508		859,075
Estimated interest component of net rental payments		6,898			7,432			28,866			34,975			31,296		25,670		23,755

Total fixed charges including interest on deposits		165,393			224,138			783,372			1,029,894			1,277,873		1,226,178		882,830

Less: Interest on deposits		92,974			148,039			501,262			700,122			765,794		580,094		430,813

Total fixed charges excluding interest on deposits		72,419			76,099			282,110			329,772			512,079		646,084		452,017

Income before income taxes and fixed charges(including interest on deposits)	$	63,167		$	151,136		$	203,678		$	796,935		$	1,544,782	$	1,778,071	$	1,547,875

(Loss) income before income taxes and fixed charges(excluding interest on deposits)	($	29,807	)	$	3,097		($	297,584	)	$	96,813		$	778,988	$	1,197,977	$	1,117,062

Ratio of earnings to fixed charges

Including Interest on Deposits		(A	)		(A	)		(A	)		(A	)		1.2		1.5		1.8

Excluding Interest on Deposits		(A	)		(A	)		(A	)		(A	)		1.5		1.9		2.5

Ratio of earnings to fixed charges & Preferred Stock Dividends

Including Interest on Deposits		(A	)		(A	)		(A	)		(A	)		1.2		1.4		1.7

Excluding Interest on Deposits		(A	)		(A	)		(A	)		(A	)		1.5		1.8		2.4


⁽¹⁾		On November 3, 2008, the Corporation sold residual interests and servicing related assets of Popular Financial Holding (“PFH”) and Popular, FS to Goldman Sachs Mortgage Company, Goldman, Sachs & Co. and Litton Loan Servicing, LP. In addition, on September 18, 2008, the Corporation announced the consummation of the sale of manufactured housing loans of PFH to 21st Mortgage Corp. and Vanderbilt Mortgage and Finance, Inc. The above transactions and past sales and restructuring plans executed at PFH in the past two years have resulted in the discontinuance of the Corporation’s PFH operations and PFH’s results are reflected as such in the Corporation’s Consolidated Statement of Operations. The computation of earnings to fixed charges and preferred stock dividends excludes discontinued operations. Prior periods have been retrospectively adjusted on a comparable basis.

(A)		During 2008, 2009 and the first quarter of 2010 and 2009, earnings were not sufficient to cover fixed charges or preferred dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $235 million, $625 million, $103 million and $100 million to achieve ratios of 1:1 in 2008, 2009 and first quarter of 2010 and 2009, respectively.