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, 2007 was as follows:

	For the Year Ended December 31, 2007
	(In Thousands)
Income before income tax expense		$	175,545
Income tax expense			50,723
Net income		$	124,822
Fixed charges:
Interest on borrowings		$	315,755
Interest on deposits			456,039
One-third of rent expense			2,868
Total fixed charges		$	774,662
Earnings (for ratio calculation)		$	950,207
Ratio of earnings to fixed charges			1.23	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, 2007 was as follows:

	For the Year Ended December 31, 2007
	(In Thousands)
Income before income tax expense		$	175,545
Income tax expense			50,723
Net income		$	124,822
Fixed charges:
Interest on borrowings		$	315,755
One-third of rent expense			2,868
Total fixed charges		$	318,623
Earnings (for ratio calculation)		$	494,168
Ratio of earnings to fixed charges			1.55	x

For purposes of computing the ratios of earnings to fixed charges, earnings consists 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.