EX-12.2 3 d624923dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

First BanCorp

Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

 

     Nine-Month Period Ended
September 30, 2013
 

Including Interest on Deposits

  

Earnings:

  

Pre-tax loss from continuing operations

   $ (174,957

Plus:

  

Fixed Charges (excluding capitalized interest)

     103,313  
  

 

 

 

Total loss

   $ (71,644
  

 

 

 

Fixed Charges:

  

Interest expensed and capitalized

   $ 100,812  

An estimate of the interest component within rental expense

     2,501  
  

 

 

 

Total fixed charges before preferred dividends

   $ 103,313  
  

 

 

 

Preferred dividends

     —    

Ratio of pre tax income to net income

     1.000  
  

 

 

 

Preferred dividend factor

     —    
  

 

 

 

Total fixed charges and preferred stock dividends

   $ 103,313  
  

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

     (A )

Excluding Interest on Deposits

  

Earnings:

  

Pre-tax loss from continuing operations

   $ (174,957

Plus:

  

Fixed Charges (excluding capitalized interest)

     32,398  
  

 

 

 

Total earnings

   $ (142,559
  

 

 

 

Fixed Charges:

  

Interest expensed and capitalized

   $ 29,897  

An estimate of the interest component within rental expense

     2,501  
  

 

 

 

Total Fixed Charges before preferred dividends

   $ 32,398  
  

 

 

 

Preferred dividends

     —    

Ratio of pre tax income to net income

     1.000  
  

 

 

 

Preferred dividend factor

     —    
  

 

 

 

Total fixed charges and preferred stock dividends

   $ 32,398  
  

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

     (A )

 

(A) For the nine-month period ended September 30, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $175.0 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2013.