EX-12 8 fbp12312013x10kex_121.htm EXHIBIT 12.1  

 

 

  

  

  

  

  

  

  

  

Exhibit 12.1

  

  

  

  

  

  

First BanCorp

  

Computation of Ratio of Earnings to Fixed Charges

  

  

  

  

  

  

  

  

 Year Ended

  

  

  

 December 31, 2013

  

  

  

  

  

Including Interest on Deposits

  

  

  

  

Earnings:

  

  

  

  

                    Pre-tax income from continuing operations

$ 

(159,323)

  

         Plus:

  

  

  

  

                    Fixed Charges (excluding capitalized interest)

  

 134,253 

  

  

  

  

  

  

Total loss

  

$ 

(25,070)

  

  

  

  

  

  

Fixed Charges:

  

  

  

  

                    Interest expensed and capitalized

$ 

 130,843 

  

                    An estimate of the interest component within rental expense

  

 3,410 

  

Total Fixed Charges

  

$ 

 134,253 

  

  

  

  

  

Ratio of Earnings to Fixed Charges

  

(A)

  

Excluding Interest on Deposits

  

  

  

  

Earnings:

  

  

  

  

                    Pre-tax income from continuing operations

$ 

(159,323)

  

         Plus:

  

  

  

  

                    Fixed Charges (excluding capitalized interest)

  

 42,466 

  

  

  

  

  

  

Total loss

  

$

(116,857)

  

  

  

  

  

  

Fixed Charges:

  

  

  

  

                    Interest expensed and capitalized

$

 39,056 

  

                    An estimate of the interest component within rental expense

  

 3,410 

  

Total Fixed Charges

  

$ 

 42,466 

  

  

  

  

  

  

Ratio of Earnings to Fixed Charges

  

(A)

  

  

  

  

  

  

  

(A)

For December 31, 2013, the ratio coverage was less than 1:1.  The Corporation would have to generate additional earnings of $159.3 million to achieve a ratio of 1:1 for the year ended December 31, 2013.