EXHIBIT 12.1

First BanCorp
Computation of Ratio of Earnings to Fixed Charges

	Quarter Ended
	March 31, 2010
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(100,137	)
Plus:
Fixed Charges (excluding capitalized interest)		104,113
Total Earnings	$	3,976
Fixed Charges:
Interest expensed and capitalized	$	103,125
Amortized premiums, discounts, and capitalized expenses related to indebtedness		11
An estimate of the interest component within rental expense		977
Total Fixed Charges	$	104,113
Ratio of Earnings to Fixed Charges		(A	)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(100,137	)
Plus:
Fixed Charges (excluding capitalized interest)		38,148
Total Losses	$	(61,989	)
Fixed Charges:
Interest expensed and capitalized	$	37,160
Amortized premiums, discounts, and capitalized expenses related to indebtedness		11
An estimate of the interest component within rental expense		977
Total Fixed Charges	$	38,148
Ratio of Earnings to Fixed Charges		(A	)

(A) For March 31, 2010, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $100.1 million to achieve a ratio of 1:1 for the first quarter of 2010.