Enterprise Financial Services (EFSC) 10-Q 2013 Q3 Quarterly report

Exhibit 12.1

Enterprise Financial Services Corp

Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement (unaudited)

	Nine Months Ended September 30,			Years ended December 31,
($ in thousands)	2013			2012			2011			2010			2009 (2)			2008
Earnings (1):
Income (loss) before income taxes	$	44,903		$	41,914		$	37,372		$	6,396		$	(49,321	)	$	11,738
Add: Fixed charges from below	14,073			27,899			33,866			35,242			51,396			60,454
Earnings including interest expense on deposits (a)	$	58,976		$	69,813		$	71,238		$	41,638		$	2,075		$	72,192
Less: interest expense on deposits	(8,471		)	(15,406		)	(21,658		)	(22,867		)	(30,203		)	(39,920		)
Earnings excluding interest expense on deposits (b)	$	50,505		$	54,407		$	49,580		$	18,771		$	(28,128	)	$	32,272
Fixed charges (1):
Interest on deposits	$	8,471		$	15,406		$	21,658		$	22,867		$	30,203		$	39,920
Interest on borrowings	5,602			7,761			8,497			9,544			18,642			20,418
TARP preferred stock dividends (pre-tax)	—			4,732			3,711			2,831			2,551			116
Fixed charges including interest on deposits (c)	$	14,073		$	27,899		$	33,866		$	35,242		$	51,396		$	60,454
Less: interest expense on deposits	(8,471		)	(15,406		)	(21,658		)	(22,867		)	(30,203		)	(39,920		)
Fixed charges excluding interest expense on deposits (d)	$	5,602		$	12,493		$	12,208		$	12,375		$	21,193		$	20,534
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (3)	9.02x			4.35x			4.06x			1.52x			-1.33x			1.57x
Including interest on deposits (a/c)	4.19x			2.50x			2.10x			1.18x			0.04x			1.19x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (3)	9.02x			6.40x			5.40x			1.67x			-1.65x			1.57x
Including interest on deposits (a/c)	4.19x			2.81x			2.24x			1.20x			-0.01x			1.19x

(1) As defined in Item 503(d) of Regulation S-K.

(2) Due to the Company's $46.7 million loss (including $45.4 million of goodwill impairment charges) for the year ended December 31, 2009, the ratio coverage was less than 1:1. The Company would have had to generate additional earnings of $49.3 million to achieve a coverage ratio of 1:1.

(3) The ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.