Enterprise Financial Services (EFSC) 10-Q 2015 Q1 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)

	Three Months Ended March 31,			Years ended December 31,
($ in thousands)	2015			2014			2013			2012			2011			2010
Earnings (1):
Income (loss) before income taxes	$	14,368		$	41,044		$	50,080		$	42,830		$	38,225		$	7,196
Add: Fixed charges from below	3,106			14,386			18,137			28,002			33,950			35,597
Earnings including interest expense on deposits (a)	$	17,474		$	55,430		$	68,217		$	70,832		$	72,175		$	42,793
Less: interest expense on deposits	(2,560		)	(10,487		)	(11,142		)	(15,406		)	(21,658		)	(22,867		)
Earnings excluding interest expense on deposits (b)	$	14,914		$	44,943		$	57,075		$	55,426		$	50,517		$	19,926
Fixed charges (1):
Interest on deposits	$	2,560		$	10,487		$	11,142		$	15,406		$	21,658		$	22,867
Interest on borrowings	546			3,899			6,995			7,761			8,497			9,544
TARP preferred stock dividends (pre-tax)	—			—			—			4,835			3,795			3,186
Fixed charges including interest on deposits (c)	$	3,106		$	14,386		$	18,137		$	28,002		$	33,950		$	35,597
Less: interest expense on deposits	(2,560		)	(10,487		)	(11,142		)	(15,406		)	(21,658		)	(22,867		)
Fixed charges excluding interest expense on deposits (d)	$	546		$	3,899		$	6,995		$	12,596		$	12,292		$	12,730
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (2)	27.34x			11.53x			8.16x			4.40x			4.11x			1.57x
Including interest on deposits (a/c)	5.63x			3.85x			3.76x			2.53x			2.13x			1.20x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (2)	27.34x			11.53x			8.16x			6.52x			5.50x			1.75x
Including interest on deposits (a/c)	5.63x			3.85x			3.76x			2.85x			2.27x			1.22x

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

(2) 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.