EX-12.1 2 d421921dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

 

     Nine-Month
Period Ended
September 30,
2012
 

Including Interest on Deposits

  

Earnings:

  

Pre-tax income from continuing operations

   $ 19,686   

Plus:

  

Fixed Charges (excluding capitalized interest)

     139,533   
  

 

 

 

Total earnings

   $ 159,219  
  

 

 

 

Fixed Charges:

  

Interest expensed and capitalized

   $ 137,136  

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     3  

An estimate of the interest component within rental expense

     2,394   
  

 

 

 

Total Fixed Charges

   $ 139,533   
  

 

 

 

Ratio of Earnings to Fixed Charges

     1.14   

Excluding Interest on Deposits

  

Earnings:

  

Pre-tax income from continuing operations

   $ 19,686   

Plus:

  

Fixed Charges (excluding capitalized interest)

     39,357   
  

 

 

 

Total earnings

   $ 59,043   
  

 

 

 

Fixed Charges:

  

Interest expensed and capitalized

   $ 36,960   

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     3  

An estimate of the interest component within rental expense

     2,394   
  

 

 

 

Total Fixed Charges

   $ 39,357   
  

 

 

 

Ratio of Earnings to Fixed Charges

     1.50