EX-12.1 2 d721739dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Quarter ended     Year ended December 31,  
     March 31,
2014		      March 31,
2013		     2013      2012      2011      2010      2009 (1)  

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

    $ 93,956       ($ 186,730 )    $ 320,305       $ 160,282       $ 239,148       $ 242,942       ($ 579,694 ) 

Fixed charges :

                    

Interest expense and capitalized interest

      70,275        83,892       315,685        379,086        505,523        653,603        754,506  

Estimated interest component of net rental payments

      2,925        2,330       9,874        9,752        13,470        26,688        28,866  

Total fixed charges including interest on deposits

      73,200        86,222       325,559        388,838        518,993        680,291        783,372  

Less: Interest on deposits

      29,392        38,343       137,364        184,089        269,487        350,881        501,262  

Total fixed charges excluding interest on deposits

      43,808        47,879       188,195        204,749        249,506        329,410        282,110  

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

    $ 167,156       ($ 100,508 )    $ 645,864       $ 549,120       $ 758,141       $ 923,233       $ 203,678   

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

    $ 137,764       ($ 138,851 )    $ 508,500       $ 365,031       $ 488,654       $ 572,352       ($ 297,584 ) 

Ratio of earnings to fixed charges

                    

Including interest on deposits

      2.3        (A )      2.0        1.4        1.5        1.4        (A ) 

Excluding interest on deposits

      3.1        (A )      2.7        1.8        2.0        1.7        (A ) 

Ratio of earnings to fixed charges and preferred stock dividends

                    

Including interest on deposits

      2.2         (A )      2.0        1.4        1.4        1.4         (A ) 

Excluding interest on deposits

      3.1         (A )      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 the quarter ended March 31, 2013 and the year ended December 31, 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 $188 million and $625 million to achieve ratios of 1:1 in the corresponding periods of 2013 and 2009.