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, 2002 was as follows:

                                       For the Year Ended December 31, 2002
                                       ------------------------------------
                                                 (In Thousands)

Income before income tax expense......            $  371,495
Income tax expense....................               123,066
                                                     -------
Net income............................            $  248,429
                                                     =======

Fixed charges:
Interest on borrowed funds............            $  513,838
Interest on deposits..................               288,000
1/3 rent expense......................                 1,858
                                                    --------
              Total fixed charges.....            $  803,696
                                                     =======

Earnings (for ratio calculation)......            $1,175,191
                                                   =========

Ratio of earnings to fixed charges....                 1.46x


         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, 2002 was as follows:

                                       For the Year Ended December 31, 2002
                                       ------------------------------------
                                                 (In Thousands)

Income before income tax expense......            $  371,495
Income tax expense....................               123,066
                                                     -------
Net income............................            $  248,429
                                                     =======

Fixed charges:
Interest on borrowed funds............            $  513,838
1/3 rent expense......................                 1,858
                                                     -------
              Total fixed charges.....            $  515,696
                                                     =======

Earnings (for ratio calculation)......            $  887,191
                                                     =======

Ratio of earnings to fixed charges....                 1.72x


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.