Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - DORAL FINANCIAL CORP | g22202e10vk.htm |
| EX-21 - EX-21 - DORAL FINANCIAL CORP | g22202exv21.htm |
| EX-23 - EX-23 - DORAL FINANCIAL CORP | g22202exv23.htm |
| EX-32.2 - EX-32.2 - DORAL FINANCIAL CORP | g22202exv32w2.htm |
| EX-31.1 - EX-31.1 - DORAL FINANCIAL CORP | g22202exv31w1.htm |
| EX-31.2 - EX-31.2 - DORAL FINANCIAL CORP | g22202exv31w2.htm |
| EX-12.2 - EX-12.2 - DORAL FINANCIAL CORP | g22202exv12w2.htm |
| EX-32.1 - EX-32.1 - DORAL FINANCIAL CORP | g22202exv32w1.htm |
Exhibit 12.1
Doral Financial Corporation
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
| For the year ended December 31, | ||||||||||||||||||||
| (Dollars in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Including Interest on Deposits |
||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pre-tax
(loss) income from continuing operations |
$ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | $ | 32,283 | ||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
293,019 | 349,621 | 427,141 | 623,668 | 670,137 | |||||||||||||||
Total Earnings |
$ | 250,398 | $ | 317,363 | $ | 124,379 | $ | 351,660 | $ | 702,420 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 290,451 | $ | 347,001 | $ | 423,986 | $ | 619,094 | $ | 665,313 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
187 | 192 | 633 | 1,411 | 1,869 | |||||||||||||||
An estimate of the interest component within rental expense |
2,381 | 2,428 | 2,522 | 3,163 | 2,955 | |||||||||||||||
Total Fixed Charges |
$ | 293,019 | $ | 349,621 | $ | 427,141 | $ | 623,668 | $ | 670,137 | ||||||||||
Ratio of Earnings to Fixed Charges |
(A | ) | (A | ) | (A | ) | (A | ) | 1.05 | |||||||||||
Excluding Interest on Deposits |
||||||||||||||||||||
Earnings
(Loss): |
||||||||||||||||||||
Pre-tax
(loss) income from continuing operations |
$ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | $ | 32,283 | ||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
167,886 | 192,891 | 255,909 | 468,250 | 563,973 | |||||||||||||||
Total Earnings
(Loss) |
$ | 125,265 | $ | 160,633 | $ | (46,853 | ) | $ | 196,242 | $ | 596,256 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 165,318 | $ | 190,271 | $ | 252,754 | $ | 463,676 | $ | 559,149 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
187 | 192 | 633 | 1,411 | 1,869 | |||||||||||||||
An estimate of the interest component within rental expense |
2,381 | 2,428 | 2,522 | 3,163 | 2,955 | |||||||||||||||
Total Fixed Charges |
$ | 167,886 | $ | 192,891 | $ | 255,909 | $ | 468,250 | $ | 563,973 | ||||||||||
Ratio of Earnings to Fixed Charges |
(A | ) | (A | ) | (A | ) | (A | ) | 1.06 | |||||||||||
| (A) | Due to the Company’s pre-tax losses for the years ended December 31, 2009, 2008, 2007 and 2006 the ratio coverage was less than 1:1. The Company would have to generate additional earnings of $42.6 million, $32.3 million, $302.8 million and $272.0 million to achieve a ratio of 1:1 in 2009, 2008, 2007 and 2006, respectively. |