Exhibit 12.1

Statement Regarding Computation of Ratios

Astoria Financial Corporation's computation of consolidated ratio of earnings to fixed charges and earning to combined fixed charges and preferred stock dividends was as follows for the periods indicated.

	For the
	Three Months Ended
	March 31,						For the Year Ended December 31,
(Dollars in Thousands)	2015			2014			2014			2013			2012			2011			2010
Earnings (for ratio calculation):
Income before taxes	$	28,885		$	29,785		$	122,195		$	104,342		$	80,971		$	105,924		$	114,837
Fixed charges		35,668			39,069			154,214			181,025			255,928			323,044			424,645
Earnings, including interest on deposits		64,553			68,854			276,409			285,367			336,899			428,968			539,482
Less interest on deposits		(10,729	)		(13,229	)		(51,355	)		(62,617	)		(98,021	)		(138,049	)		(191,015	)
Earnings, excluding interest on deposits	$	53,824		$	55,625		$	225,054		$	222,750		$	238,878		$	290,919		$	348,467
Fixed Charges:
Interest on borrowings	$	23,875		$	24,810		$	98,707		$	113,911		$	154,219		$	181,773		$	230,717
Interest on deposits		10,729			13,229			51,355			62,617			98,021			138,049			191,015
Estimated interest component of rent expense		1,064			1,030			4,152			4,497			3,688			3,222			2,913
Fixed charges, including interest on deposits		35,668			39,069			154,214			181,025			255,928			323,044			424,645
Less interest on deposits		(10,729	)		(13,229	)		(51,355	)		(62,617	)		(98,021	)		(138,049	)		(191,015	)
Fixed charges, excluding interest on deposits	$	24,939		$	25,840		$	102,859		$	118,408		$	157,907		$	184,995		$	233,630
Combined Fixed Charges and Preferred Stock Dividends:
Fixed charges, including interest on deposits	$	35,668		$	39,069		$	154,214		$	181,025		$	255,928		$	323,044		$	424,645
Preferred stock dividend requirement		3,284			3,255			13,377			11,307			-			-			-
Combined fixed charges and preferred stock dividends, including interest on deposits		38,952			42,324			167,591			192,332			255,928			323,044			424,645
Less interest on deposits		(10,729	)		(13,229	)		(51,355	)		(62,617	)		(98,021	)		(138,049	)		(191,015	)
Combined fixed charges and preferred stock dividends, excluding interest in deposits	$	28,223		$	29,095		$	116,236		$	129,715		$	157,907		$	184,995		$	233,630
Ratio of Earnings to Fixed Charges:
Including interest on deposits		1.81			1.76			1.79			1.58			1.32			1.33			1.27
Excluding interest on deposits		2.16			2.15			2.19			1.88			1.51			1.57			1.49
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends:
Including interest on deposits		1.66			1.63			1.65			1.48			1.32			1.33			1.27
Excluding interest on deposits		1.91			1.91			1.94			1.72			1.51			1.57			1.49

For purposes of computing the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends, 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 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. Combined fixed charges and preferred stock dividends consist of the foregoing plus pretax earnings required for preferred stock dividends, computed using the effective tax rates for the applicable periods.