Enterprise Financial Services (EFSC) 10-Q 2014 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)	2014			2013			2012			2011			2010			2009 (2)
Earnings (1):
Income (loss) before income taxes	$	32,265		$	50,080		$	42,830		$	38,225		$	7,196		$	(48,544	)
Add: Fixed charges from below	10,817			18,137			28,002			33,950			35,597			51,356
Earnings including interest expense on deposits (a)	$	43,082		$	68,217		$	70,832		$	72,175		$	42,793		$	2,812
Less: interest expense on deposits	(7,877		)	(11,142		)	(15,406		)	(21,658		)	(22,867		)	(30,203		)
Earnings excluding interest expense on deposits (b)	$	35,205		$	57,075		$	55,426		$	50,517		$	19,926		$	(27,391	)
Fixed charges (1):
Interest on deposits	$	7,877		$	11,142		$	15,406		$	21,658		$	22,867		$	30,203
Interest on borrowings	2,940			6,995			7,761			8,497			9,544			18,642
TARP preferred stock dividends (pre-tax)	—			—			4,835			3,795			3,186			2,511
Fixed charges including interest on deposits (c)	$	10,817		$	18,137		$	28,002		$	33,950		$	35,597		$	51,356
Less: interest expense on deposits	(7,877		)	(11,142		)	(15,406		)	(21,658		)	(22,867		)	(30,203		)
Fixed charges excluding interest expense on deposits (d)	$	2,940		$	6,995		$	12,596		$	12,292		$	12,730		$	21,153
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (3)	11.98x			8.16x			4.40x			4.11x			1.57x			-1.29x
Including interest on deposits (a/c)	3.98x			3.76x			2.53x			2.13x			1.20x			0.05x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (3)	11.98x			8.16x			6.52x			5.50x			1.75x			-1.60x
Including interest on deposits (a/c)	3.98x			3.76x			2.85x			2.27x			1.22x			0.01x

(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.