Enterprise Financial Services (EFSC) 10-Q 2004 Q1 Quarterly report

Exhibit 11.1

Statement Regarding Calculation of Earnings Per Share

	Basic EPS number of shares	Diluted EPS number of shares		Net Income		Basic EPS		Diluted EPS
3 months ended March 31, 2003	9,520,631		9,825,620	$	1,135,098	$	0.12	$	0.12
3 months ended March 31, 2004	9,640,145		9,942,143	$	1,526,586	$	0.16	$	0.15
	Basic			Diluted
3 months ended March 31, 2003
Average Shares Outstanding	9,520,631				9,520,631
Options - Plan 2			13,200
Average Option Price		$	5.88
Total Exercise Cost		$	77,616
Shares Repurchased			5,948
Net Shares from Option - Plan 2					7,252
Options - Plan 3			404,967
Average Option Price		$	6.89
Total Exercise Cost		$	2,790,223
Shares Repurchased			213,810
Net Shares from Option - Plan 3					191,157
Options - Plan 4			557,216
Average Option Price		$	12.08
Total Exercise Cost		$	6,731,169
Shares Repurchased			515,798
Net Shares from Option - Plan 4					41,418
Options - Plan 5 - Omnibus			132,905
Average Option Price		$	9.66
Total Exercise Cost		$	1,283,862
Shares Repurchased			98,380
Net Shares from Option - Plan 5					34,525
Options - EFA Non-qualified			93,250
Average Option Price		$	10.13
Total Exercise Cost		$	944,623
Shares Repurchased			72,385
Net Shares from Option - EFA Non-qualified					20,865
Options - CGB Qualified			29,252
Average Option Price		$	10.27
Total Exercise Cost		$	300,418
Shares Repurchased			23,021
Net Shares from Option - CGB Qualified					6,231
Options - CGB Non-Qualified			22,434
Average Option Price		$	10.99
Total Exercise Cost		$	246,550
Shares Repurchased			18,893
Net Shares from Option - CGB Non-Qualified					3,541
Options - Moneta			186,496
Average Option Price		$	12.43
Total Exercise Cost		$	2,318,145
Shares Repurchased			177,636
Net Shares from Option - Moneta					—
Stock Appreciation Rights			69,200
Average SAR Price		$	12.05
Total Exercise Cost		$	833,860
Shares Repurchased			63,897
Net Shares from SARS					—
Gross Shares	9,520,631				9,825,620
Average Market Price		$	13.05

Moneta options and Stock Appreciation Rights are anti-dilutive due to the impact of adjusting net income for the expense associated with each plan during the quarter.

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	Basic			Diluted
3 months ended March 31, 2004
Average Shares Outstanding	9,640,145			9,640,145
Options - Plan 2			13,200
Average Option Price		$	5.88
Total Exercise Cost		$	77,616
Shares Repurchased			5,741
Net Shares from Option - Plan 2				7,459
Options - Plan 3			366,106
Average Option Price		$	7.20
Total Exercise Cost		$	2,635,963
Shares Repurchased			194,968
Net Shares from Option - Plan 3				171,138
Options - Plan 4			556,835
Average Option Price		$	12.28
Total Exercise Cost		$	6,837,934
Shares Repurchased			505,764
Net Shares from Option - Plan 4				51,071
Options - Plan 5 - Omnibus			458,664
Average Option Price		$	12.27
Total Exercise Cost		$	5,627,807
Shares Repurchased			416,258
Net Shares from Option - Plan 5				42,406
Options - EFA Non-qualified			89,250
Average Option Price		$	10.13
Total Exercise Cost		$	904,103
Shares Repurchased			66,871
Net Shares from Option - EFA Non-qualified				22,379
Options - CGB Qualified			2,002
Average Option Price		$	11.67
Total Exercise Cost		$	23,363
Shares Repurchased			1,728
Net Shares from Option - CGB Qualified				274
Options - Moneta			186,496
Average Option Price		$	12.43
Total Exercise Cost		$	2,318,145
Shares Repurchased			171,460
Net Shares from Option - Moneta				—
Stock Appreciation Rights			59,943
Average Stock Appreciation Rights Price		$	11.88
Total Exercise Cost		$	712,123
Shares Repurchased			52,672
Net Shares from Stock Appreciation Rights				7,271
Gross Shares	9,640,145			9,942,143
Average Market Price		$	13.52

Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with each plan during the quarter.

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