EXHIBIT 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

	Quarter Ended March 31, 2012
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(11,049	)
Plus:
Fixed Charges (excluding capitalized interest)		51,002
Total Earnings	$	39,953
Fixed Charges:
Interest expensed and capitalized	$	50,189
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		810
Total Fixed Charges	$	51,002
Ratio of Earnings to Fixed Charges		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(11,049	)
Plus:
Fixed Charges (excluding capitalized interest)		14,267
Total Earnings	$	3,218
Fixed Charges:
Interest expensed and capitalized	$	13,454
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		810
Total Fixed Charges	$	14,267
Ratio of Earnings to Fixed Charges		(A)

(A) For March 31, 2012, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $11.0 million to achieve a ratio of 1:1 for the quarter ended March 31, 2012.