EXHIBIT 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

	Year Ended December 31, 2011
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(72,910	)
Plus:
Fixed Charges (excluding capitalized interest)		265,275
Total Earnings	$	192,365
Fixed Charges:
Interest expensed and capitalized	$	261,896
Amortized premiums, discounts, and capitalized expenses related to indebtedness		40
An estimate of the interest component within rental expense		3,339
Total Fixed Charges	$	265,275
Ratio of Earnings to Fixed Charges		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(72,910	)
Plus:
Fixed Charges (excluding capitalized interest)		73,548
Total Losses	$	638
Fixed Charges:
Interest expensed and capitalized	$	70,169
Amortized premiums, discounts, and capitalized expenses related to indebtedness		40
An estimate of the interest component within rental expense		3,339
Total Fixed Charges	$	73,548
Ratio of Earnings to Fixed Charges		(A)

(A) For December 31, 2011, the ratio coverage was less than 1:1.

The Corporation would have to generate additional earnings of $72.9 million to achieve a ratio of 1:1 for the year ended December 31, 2011.