EX-12.1 3 d626440dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Year ended December 31,  
    

 

2013

    

 

2012

    

 

2011

    

 

2010 (1)

    

 

2009 (1)

 

Income (loss) from continuing operations before income taxes and cumulative effect of

accounting changes

     $320,305         $160,282         $239,148         $242,942         ($579,694

Fixed charges:

              

Interest expense and capitalized interest

     315,685        379,086        505,523        653,603        754,506  

Estimated interest component of net rental payments

     9,874         9,752        13,470        26,688        28,866  

Total fixed charges including interest on deposits

     325,559        388,838        518,993        680,291        783,372  

Less: Interest on deposits

     137,364        184,089        269,487        350,881        501,262  

Total fixed charges excluding interest on deposits

     188,195        204,749        249,506        329,410        282,110  

Income before income taxes and fixed charges (including interest on deposits)

     $646,864         $549,120         $758,141         $923,233         $203,678   

Income (loss) before income taxes and fixed charges (excluding interest on deposits)

     $508,500         $365,031         $488,654         $572,352         ($297,584

Ratio of earnings to fixed charges

              

Including interest on deposits

     2.0        1.4        1.5        1.4        (A

Excluding interest on deposits

     2.7        1.8        2.0        1.7        (A

Ratio of earnings to fixed charges and preferred stock dividends

              

Including interest on deposits

     2.0        1.4        1.4        1.4        (A

Excluding interest on deposits

     2.6        1.8        1.9        1.7        (A

 

 

(1) The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations.

(A) During 2009, earnings were not sufficient to cover fixed charges or preferred stock dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $625 million to achieve ratios of 1:1 in the corresponding period of 2009.