Enterprise Financial Services (EFSC) 10-Q 2005 Q2 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 June 30, 2004		9,680,006		9,987,261	$	1,986,881	$	0.21	$	0.20
3 months ended June 30, 2005		10,045,802		10,675,548	$	3,140,694	$	0.31	$	0.29

3 months ended June 30, 2004	Basic				Diluted
Average Shares Outstanding		9,680,006				9,680,006
Options - Plan 1				0
Average Option Price			$	0.00
Total Exercise Cost			$	0.00
Shares Repurchased				0
Net Shares from Option - Plan 1						0
Options - Plan 2				13,200
Average Option Price			$	5.88
Total Exercise Cost			$	77,616
Shares Repurchased				5,428
Net Shares from Option - Plan 2						7,772
Options - Plan 3				329,569
Average Option Price			$	8.76
Total Exercise Cost			$	2,887,024
Shares Repurchased				201,890
Net Shares from Option - Plan 3						127,679
Options - Plan 4				560,332
Average Option Price			$	12.31
Total Exercise Cost			$	6,897,687
Shares Repurchased				482,356
Net Shares from Option - Plan 4						77,976
Options - Plan 5 - Omnibus				457,235
Average Option Price			$	12.26
Total Exercise Cost			$	5,605,701
Shares Repurchased				392,007
Net Shares from Option - Plan 5						65,228
Options - EFA Non-qualified				89,250
Average Option Price			$	10.13
Total Exercise Cost			$	904,103
Shares Repurchased				63,224
Net Shares from Option - EFA Non-qualified						26,026
Options - CGB Qualified				0
Average Option Price			$	0.00
Total Exercise Cost			$	0
Shares Repurchased				0
Net Shares from Option - CGB Qualified						0
Options - CGB Non-qualified				0
Average Option Price			$	0.00
Total Exercise Cost			$	0
Shares Repurchased				0
Net Shares from Option - CGB Non-qualified						0
Options - Moneta				186,496
Average Option Price			$	12.43
Total Exercise Cost			$	2,318,145
Shares Repurchased				162,108
Net Shares from Option - Moneta						0
Stock Appreciation Rights				17,607
Average Stock Appreciation Rights Price			$	12.21
Total Exercise Cost			$	214,981
Shares Repurchased				15,034
Net Shares from Stock Appreciation Rights						2,573
Gross Shares		9,680,006				9,987,261
Average Market Price			$	14.30

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

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3 months ended June 30, 2005	Basic				Diluted
Average Shares Outstanding		10,045,802				10,045,802
Options - Plan 1				0
Average Option Price			$	0.00
Total Exercise Cost			$	0.00
Shares Repurchased				0
Net Shares from Option - Plan 1						0
Options - Plan 2				13,200
Average Option Price			$	5.88
Total Exercise Cost			$	77,616
Shares Repurchased				3,831
Net Shares from Option - Plan 2						9,369
Options - Plan 3				163,632
Average Option Price			$	8.74
Total Exercise Cost			$	1,430,144
Shares Repurchased				70,590
Net Shares from Option - Plan 3						93,042
Options - Plan 4				439,749
Average Option Price			$	12.39
Total Exercise Cost			$	5,448,490
Shares Repurchased				268,928
Net Shares from Option - Plan 4						170,821
Options - Plan 5 - Omnibus				394,544
Average Option Price			$	12.09
Total Exercise Cost			$	4,770,037
Shares Repurchased				235,441
Net Shares from Option - Plan 5						159,103
Options - EFA Non-qualified				17,759
Average Option Price			$	10.00
Total Exercise Cost			$	177,590
Shares Repurchased				8,766
Net Shares from Option - EFA Non-qualified						8,993
Options - CGB Qualified				0
Average Option Price				0.00
Total Exercise Cost				0.00
Shares Repurchased				0
Net Shares from Option - CGB Qualified						0
Options - CGB Non-qualified				0
Average Option Price				0.00
Total Exercise Cost				0.00
Shares Repurchased				0
Net Shares from Option - CGB Non-qualified						0
Options - Moneta				188,904
Average Option Price			$	12.43
Total Exercise Cost			$	2,348,077
Shares Repurchased				115,897
Net Shares from Option - Moneta						73,007
Stock Appreciation Rights				7,800
Average Stock Appreciation Rights Price			$	11.81
Total Exercise Cost			$	92,118
Shares Repurchased				4,547
Net Shares from Stock Appreciation Rights						0
Restricted Share Units						115,411
Gross Shares		10,045,802				10,675,548
Average Market Price			$	20.26

Stock appreciation rights are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter.

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	Basic EPS number of shares		Diluted EPS number of shares		Net Income		Basic EPS		Diluted EPS
6 months ended June 30, 2004		9,660,075		9,977,520	$	3,513,467	$	0.36	$	0.35
6 months ended June 30, 2005		9,984,125		10,601,412	$	5,588,155	$	0.56	$	0.53

6 months ended June 30, 2004	Basic				Diluted
Average Shares Outstanding		9,660,075				9,660,075
Options - Plan 1				0
Average Option Price			$	0.00
Total Exercise Cost			$	0.00
Shares Repurchased				0
Net Shares from Option - Plan 1						0
Options - Plan 2				13,200
Average Option Price			$	5.88
Total Exercise Cost			$	77,616
Shares Repurchased				5,580
Net Shares from Option - Plan 2						7,620
Options - Plan 3				347,838
Average Option Price			$	7.28
Total Exercise Cost			$	2,532,261
Shares Repurchased				182,046
Net Shares from Option - Plan 3						165,792
Options - Plan 4				558,571
Average Option Price			$	12.42
Total Exercise Cost			$	6,937,452
Shares Repurchased				498,738
Net Shares from Option - Plan 4						59,833
Options - Plan 5 - Omnibus				457,949
Average Option Price			$	12.26
Total Exercise Cost			$	5,614,455
Shares Repurchased				403,627
Net Shares from Option - Plan 5						54,322
Options - EFA Non-qualified				89,250
Average Option Price			$	10.13
Total Exercise Cost			$	904,103
Shares Repurchased				64,997
Net Shares from Option - EFA Non-qualified						24,253
Options - CGB Qualified				1,001
Average Option Price			$	11.67
Total Exercise Cost			$	11,682
Shares Repurchased				840
Net Shares from Option - CGB Qualified						161
Options - CGB Non-qualified				0
Average Option Price			$	0.00
Total Exercise Cost			$	0
Shares Repurchased				0
Net Shares from Option - CGB Non-qualified						0
Options - Moneta				186,496
Average Option Price			$	12.43
Total Exercise Cost			$	2,318,145
Shares Repurchased				166,653
Net Shares from Option - Moneta						0
Stock Appreciation Rights				38,775
Average Stock Appreciation Rights Price			$	11.95
Total Exercise Cost			$	463,361
Shares Repurchased				33,311
Net Shares from Stock Appreciation Rights						5,464
Gross Shares		9,660,075				9,977,520
Average Market Price			$	13.91

Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan on a year-to-date basis.

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6 months ended June 30, 2005	Basic				Diluted
Average Shares Outstanding		9,984,125				9,984,125
Options - Plan 1				0
Average Option Price			$	0.00
Total Exercise Cost			$	0.00
Shares Repurchased				0
Net Shares from Option - Plan 1						0
Options - Plan 2				13,200
Average Option Price			$	5.88
Total Exercise Cost			$	77,616
Shares Repurchased				3,970
Net Shares from Option - Plan 2						9,230
Options - Plan 3				189,277
Average Option Price			$	8.41
Total Exercise Cost			$	1,591,820
Shares Repurchased				81,423
Net Shares from Option - Plan 3						107,854
Options - Plan 4				455,148
Average Option Price			$	12.35
Total Exercise Cost			$	5,621,078
Shares Repurchased				287,523
Net Shares from Option - Plan 4						167,625
Options - Plan 5 - Omnibus				406,266
Average Option Price			$	12.13
Total Exercise Cost			$	4,928,007
Shares Repurchased				252,072
Net Shares from Option - Plan 5						154,194
Options - EFA Non-qualified				29,644
Average Option Price			$	10.00
Total Exercise Cost			$	296,440
Shares Repurchased				15,163
Net Shares from Option - EFA Non-qualified						14,481
Options - CGB Qualified				0
Average Option Price			$	—
Total Exercise Cost			$	—
Shares Repurchased				0
Net Shares from Option - CGB Qualified						0
Options - CGB Non-qualified				0
Average Option Price				0.00
Total Exercise Cost				0.00
Shares Repurchased				0
Net Shares from Option - CGB Non-qualified						0
Options - Moneta				189,614
Average Option Price			$	12.44
Total Exercise Cost			$	2,358,798
Shares Repurchased				120,655
Net Shares from Option - Moneta						68,959
Stock Appreciation Rights				7,800
Average Stock Appreciation Rights Price			$	11.53
Total Exercise Cost			$	89,934
Shares Repurchased				4,600
Net Shares from Stock Appreciation Rights						0
Restricted Share Units						94,944
Gross Shares		9,984,125				10,601,412
Average Market Price			$	19.55

Stock appreciation rights are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter.

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