EXHIBIT 12.1

Statement Regarding Computation of Ratios

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

(Including Interest on Deposits)

Astoria Financial Corporation’s ratio of earnings to fixed charges (including interest on deposits) for the year ended December 31, 2014 was as follows:

	For the Year Ended December 31, 2014
	(In Thousands)
Income before income tax expense		$	122,195
Income tax expense		26,279
Net income		$	95,916
Fixed charges:
Interest on borrowings		$	98,707
Interest on deposits		51,355
One-third of rent expense		4,152
Total fixed charges		$	154,214
Earnings (for ratio calculation)		$	276,409
Ratio of earnings to fixed charges		1.79		x

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

(Excluding Interest on Deposits)

Astoria Financial Corporation’s ratio of earnings to fixed charges (excluding interest on deposits) for the year ended December 31, 2014 was as follows:

	For the Year Ended December 31, 2014
	(In Thousands)
Income before income tax expense		$	122,195
Income tax expense		26,279
Net income		$	95,916
Fixed charges:
Interest on borrowings		$	98,707
One-third of rent expense		4,152
Total fixed charges		$	102,859
Earnings (for ratio calculation)		$	225,054
Ratio of earnings to fixed charges		2.19		x

For purposes of computing the ratios of earnings to fixed charges, earnings consist of income before income taxes plus fixed charges.  Fixed charges excluding interest on deposits consist of interest on short-term and long-term debt, interest related to capitalized leases and capitalized interest and one-third of rent expense, which approximates the interest component of that expense.  Fixed charges including interest on deposits consist of the foregoing items plus interest on deposits.