Exhibit 12.1 Statement Regarding Computation of Ratios

Astoria Financial Corporation's computation of consolidated ratio of earnings to fixed charges was as follows for the periods indicated.

	For the
	Three Months Ended
	March 31,						For the Year Ended December 31,
(Dollars in Thousands)	2012			2011			2011			2010			2009			2008			2007
Computation of Consolidated Ratio of Earnings to
Fixed Charges Including Interest on Deposits:
Income before income tax expense	$	15,562		$	42,953		$	105,924		$	114,837		$	38,514		$	104,304		$	175,545
Income tax expense		5,566			15,569			38,715			41,103			10,830			28,962			50,723
Net income	$	9,996		$	27,384		$	67,209		$	73,734		$	27,684		$	75,342		$	124,822
Fixed charges:
Interest on borrowings	$	40,156		$	47,947		$	181,773		$	230,717		$	253,401		$	300,430		$	315,755
Interest on deposits		29,427			37,032			138,049			191,015			315,371			393,897			456,039
One-third of rent expense		943			766			3,222			2,913			2,858			3,042			2,868
Total fixed charges	$	70,526		$	85,745		$	323,044		$	424,645		$	571,630		$	697,369		$	774,662
Earnings (for ratio calculation)	$	86,088		$	128,698		$	428,968		$	539,482		$	610,144		$	801,673		$	950,207
Ratio of earnings to fixed charges		1.22	x		1.50	x		1.33	x		1.27	x		1.07	x		1.15	x		1.23	x
Computation of Consolidated Ratio of Earnings to
Fixed Charges Excluding Interest on Deposits:
Income before income tax expense	$	15,562		$	42,953		$	105,924		$	114,837		$	38,514		$	104,304		$	175,545
Income tax expense		5,566			15,569			38,715			41,103			10,830			28,962			50,723
Net income	$	9,996		$	27,384		$	67,209		$	73,734		$	27,684		$	75,342		$	124,822
Fixed charges:
Interest on borrowings	$	40,156		$	47,947		$	181,773		$	230,717		$	253,401		$	300,430		$	315,755
One-third of rent expense		943			766			3,222			2,913			2,858			3,042			2,868
Total fixed charges	$	41,099		$	48,713		$	184,995		$	233,630		$	256,259		$	303,472		$	318,623
Earnings (for ratio calculation)	$	56,661		$	91,666		$	290,919		$	348,467		$	294,773		$	407,776		$	494,168
Ratio of earnings to fixed charges		1.38	x		1.88	x		1.57	x		1.49	x		1.15	x		1.34	x		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.