EX-12 2 fbp06302015x10q_ex121.htm EXHIBIT 12.1  

 

  

  

  

  

  

  

  

  

  

Exhibit 12.1

  

  

  

  

  

  

First BanCorp

  

Computation of Ratio of Earnings to Fixed Charges

  

  

  

  

  

  

  

  

 Six-Month Period Ended

  

  

  

 June 30, 2015

  

  

  

  

  

Including Interest on Deposits

  

  

  

  

Earnings:

  

  

  

  

                    Pre-tax loss from continuing operations

  

$

(10,240)

  

         Plus:

  

  

  

  

                    Fixed Charges (excluding capitalized interest)

  

  

 53,799 

  

  

  

  

  

  

Total earnings

  

$

43,559 

  

  

  

  

  

  

Fixed Charges:

  

  

  

  

                    Interest expensed and capitalized

  

$

 51,993 

  

                    An estimate of the interest component within rental expense

  

  

 1,806 

  

Total Fixed Charges

  

$

 53,799 

  

Ratio of Earnings to Fixed Charges

  

(A)

  

  

  

  

  

  

Excluding Interest on Deposits

  

  

  

  

Earnings:

  

  

  

  

                    Pre-tax loss from continuing operations

  

$

(10,240)

  

         Plus:

  

  

  

  

                    Fixed Charges (excluding capitalized interest)

  

  

 19,125 

  

  

  

  

  

  

Total earnings

  

$

8,885 

  

  

  

  

  

  

Fixed Charges:

  

  

  

  

                    Interest expensed and capitalized

  

$

 17,319 

  

                    An estimate of the interest component within rental expense

  

  

 1,806 

  

  

  

  

  

  

Total Fixed Charges

  

$

 19,125 

  

  

  

  

  

  

Ratio of Earnings to Fixed Charges

  

(A)

  

________________

  

  

  

  

  

  

  

  

  

(A) For the six-month period ended June 30, 2015, the ratio coverage was less than 1:1.  The Corporation would have to generate additional earnings of $10.2 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2015.