FIRST BANCORP /PR/ - FORM 10-Q - EX-12.2

EXHIBIT 12.2

First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends


	Quarter Ended
	March 31, 2011
Including Interest on Deposits

Earnings:
Pre-tax loss from continuing operations	$	(24,834	)
Plus:
Fixed Charges (excluding capitalized interest)		74,857


Total Earnings	$	50,023


Fixed Charges:
Interest expensed and capitalized	$	74,015
Amortized premiums, discounts, and capitalized expenses related to indebtedness		11
An estimate of the interest component within rental expense		831

Total Fixed Charges before preferred dividends		74,857


Preferred dividends		7,018
Ratio of pre tax income to net income		1.000


Preferred dividend factor		7,018


Total fixed charges and preferred stock dividends	$	81,875


Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)


Excluding Interest on Deposits

Earnings:
Pre-tax loss from continuing operations	$	(24,834	)
Plus:
Fixed Charges (excluding capitalized interest)		20,799


Total Losses	$	(4,035	)


Fixed Charges:
Interest expensed and capitalized	$	19,956
Amortized premiums, discounts, and capitalized expenses related to indebtedness		11
An estimate of the interest component within rental expense		832


Total Fixed Charges before preferred dividends		20,799


Preferred dividends		7,018
Ratio of pre tax income to net income		1.000


Preferred dividend factor		7,018


Total fixed charges and preferred stock dividends	$	27,817


Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)


(A)		For March 31, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $31.9 million to achieve a ratio of 1:1 for the quarter ended March 31, 2011.

FIRST BANCORP /PR/ - FORM 10-Q - EX-12.2 - May 16, 2011