Enterprise Financial Services (EFSC) 10-Q 2016 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)	2016			2015			2014			2013			2012			2011
Earnings (1):
Income before income tax expense	$	54,158		$	58,401		$	41,044		$	50,080		$	42,830		$	38,225
Add: Fixed charges from below	9,745			12,369			14,386			18,137			28,002			33,950
Earnings including interest expense on deposits (a)	$	63,903		$	70,770		$	55,430		$	68,217		$	70,832		$	72,175
Less: interest expense on deposits	(7,841		)	(10,412		)	(10,487		)	(11,142		)	(15,406		)	(21,658		)
Earnings excluding interest expense on deposits (b)	$	56,062		$	60,358		$	44,943		$	57,075		$	55,426		$	50,517
Fixed charges (1):
Interest on deposits	$	7,841		$	10,412		$	10,487		$	11,142		$	15,406		$	21,658
Interest on borrowings	1,904			1,957			3,899			6,995			7,761			8,497
TARP preferred stock dividends (pre-tax)	—			—			—			—			4,835			3,795
Fixed charges including interest on deposits (c)	$	9,745		$	12,369		$	14,386		$	18,137		$	28,002		$	33,950
Less: interest expense on deposits	(7,841		)	(10,412		)	(10,487		)	(11,142		)	(15,406		)	(21,658		)
Fixed charges excluding interest expense on deposits (d)	$	1,904		$	1,957		$	3,899		$	6,995		$	12,596		$	12,292
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (2)	29.44x			30.85x			11.53x			8.16x			4.40x			4.11x
Including interest on deposits (a/c)	6.56x			5.72x			3.85x			3.76x			2.53x			2.13x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (2)	29.44x			30.85x			11.53x			8.16x			6.52x			5.50x
Including interest on deposits (a/c)	6.56x			5.72x			3.85x			3.76x			2.85x			2.27x

(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.