EX-12.1 2 d468831dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended
December 31,  2012
 

Including Interest on Deposits

  

Earnings:

  

Pre-tax income from continuing operations

   $ 35,714  

Plus:

  

Fixed Charges (excluding capitalized interest)

     179,788  
  

 

 

 

Total earnings

   $ 215,502  
  

 

 

 

Fixed Charges:

  

Interest expensed and capitalized

   $ 176,560  

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     3  

An estimate of the interest component within rental expense

     3,225  
  

 

 

 

Total Fixed Charges

   $ 179,788  
  

 

 

 

Ratio of Earnings to Fixed Charges

     1.20  

Excluding Interest on Deposits

  

Earnings:

  

Pre-tax income from continuing operations

   $ 35,714  

Plus:

  

Fixed Charges (excluding capitalized interest)

     51,529  
  

 

 

 

Total earnings

   $ 87,243  
  

 

 

 

Fixed Charges:

  

Interest expensed and capitalized

   $ 48,301  

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     3  

An estimate of the interest component within rental expense

     3,225  
  

 

 

 

Total Fixed Charges

   $ 51,529  
  

 

 

 

Ratio of Earnings to Fixed Charges

     1.69