Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - DORAL FINANCIAL CORP | g26364e10vk.htm |
| EX-23 - EX-23 - DORAL FINANCIAL CORP | g26364exv23.htm |
| EX-21 - EX-21 - DORAL FINANCIAL CORP | g26364exv21.htm |
| EX-32.1 - EX-32.1 - DORAL FINANCIAL CORP | g26364exv32w1.htm |
| EX-32.2 - EX-32.2 - DORAL FINANCIAL CORP | g26364exv32w2.htm |
| EX-12.1 - EX-12.1 - DORAL FINANCIAL CORP | g26364exv12w1.htm |
| EX-31.2 - EX-31.2 - DORAL FINANCIAL CORP | g26364exv31w2.htm |
| EX-31.1 - EX-31.1 - DORAL FINANCIAL CORP | g26364exv31w1.htm |
| EX-10.22 - EX-10.22 - DORAL FINANCIAL CORP | g26364exv10w22.htm |
Exhibit
12.2
Section 2: EX-12.2 (EX-12.2)
Doral Financial Corporation
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
| For the year ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Including Interest on Deposits |
||||||||||||||||||||
(Losses) Earnings: |
||||||||||||||||||||
Pre-tax loss from continuing operations |
$ | (277,011 | ) | $ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | |||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized
interest) |
243,458 | 293,019 | 349,621 | 427,141 | 623,668 | |||||||||||||||
Total (Losses) Earnings |
$ | (33,553 | ) | $ | 250,398 | $ | 317,363 | $ | 124,379 | $ | 351,660 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 240,275 | $ | 290,451 | $ | 347,001 | $ | 423,986 | $ | 619,094 | ||||||||||
Amortized premiums, discounts, and
capitalized expenses related to
indebtedness |
642 | 187 | 192 | 633 | 1,411 | |||||||||||||||
An estimate of the interest component
within rental expense |
2,541 | 2,381 | 2,428 | 2,522 | 3,163 | |||||||||||||||
Total Fixed Charges |
243,458 | 293,019 | 349,621 | 427,141 | 623,668 | |||||||||||||||
Preferred dividends |
9,109 | 15,841 | 33,299 | 33,299 | 33,299 | |||||||||||||||
Ratio of pre tax loss to net (loss) income |
0.949 | 2.016 | 0.101 | 1.771 | 1.215 | |||||||||||||||
Preferred dividend factor |
8,644 | 31,935 | 3,363 | 58,973 | 40,458 | |||||||||||||||
Total fixed charges and preferred stock dividens |
$ | 252,102 | $ | 324,954 | $ | 352,984 | $ | 486,114 | $ | 664,126 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||
Excluding Interest on Deposits |
||||||||||||||||||||
(Losses) Earnings: |
||||||||||||||||||||
Pre-tax loss from continuing operations |
$ | (277,011 | ) | $ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | |||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized
interest) |
132,620 | 167,886 | 192,891 | 255,909 | 468,250 | |||||||||||||||
Total (Losses) Earnings |
$ | (144,391 | ) | $ | 125,265 | $ | 160,633 | $ | (46,853 | ) | $ | 196,242 | ||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 129,437 | $ | 165,318 | $ | 190,271 | $ | 252,754 | $ | 463,676 | ||||||||||
Amortized premiums, discounts, and
capitalized expenses related to
indebtedness |
642 | 187 | 192 | 633 | 1,411 | |||||||||||||||
An estimate of the interest component
within rental expense |
2,541 | 2,381 | 2,428 | 2,522 | 3,163 | |||||||||||||||
Total Fixed Charges |
132,620 | 167,886 | 192,891 | 255,909 | 468,250 | |||||||||||||||
Preferred dividends |
9,109 | 15,841 | 33,299 | 33,299 | 33,299 | |||||||||||||||
Ratio of pre tax loss to net (loss) income |
0.949 | 2.016 | 0.101 | 1.771 | 1.215 | |||||||||||||||
Preferred dividend factor |
8,644 | 31,935 | 3,363 | 58,973 | 40,458 | |||||||||||||||
Total fixed charges and preferred stock dividens |
$ | 141,264 | $ | 199,821 | $ | 196,254 | $ | 314,882 | $ | 508,708 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||
| (A) | For the years ended December 31, 2010, 2009, 2008, 2007 and 2006 earnings were not sufficient to cover preferred dividends and the ratios were less than 1:1. The Company would have had to generate additional earnings of $285.7 million, $74.6 million, $35.6 million, $361.7 million and $312.5 million to achieve a ratio of 1:1 in 2010, 2009, 2008, 2007 and 2006, respectively. |