Boston Private Financial (BPFH) POS AM Prospectus update (post-effective amendment)

Exhibit 12.1

Boston Private Financial Holding, Inc.

Calculation of ratio of Earnings to Fixed Charges and Preferred Dividends

(Dollars in thousands)

	2009		2008			2007		2006		2005
INCLUDING INTEREST ON DEPOSITS EARNINGS
Add
Pre tax income/ (loss) from continuing operations before adjustments for income/ (loss) from equity investees	$	17,983	$	(264,140	)	$	2,093	$	44,839	$	42,338
Fixed charges from below		140,370		172,882			143,443		100,190		59,886
Distributed income of equity investees		—		—			1,388		1,180		880
Subtract
Preference security dividends		8,649		1,163			—		—		—
Total Earnings	$	149,704	$	(92,420	)	$	146,924	$	146,209	$	103,104
FIXED CHARGES
Interest expense	$	99,829	$	133,168		$	139,167	$	97,245	$	57,266
Interest portion of fixed rentals (1)		—		—			—		—		—
Amortization premiums, discounts and capitalized expenses related to indebtedness		27,567		34,647			868		99		96
Estimate of the interest within rental expense (2)		4,325		3,905			3,408		2,846		2,524
Preference security dividends		8,649		1,163			—		—		—
Total fixed charges	$	140,370	$	172,882		$	143,443	$	100,190	$	59,886
Ratio of Earnings to Fixed Charges (3)		1.07		(0.53	)		1.02		1.46		1.72
EXCLUDING INTEREST ON DEPOSITS EARNINGS
Add
Pre tax income/ (loss) from continuing operations before adjustments for income/ (loss) from equity investees	$	17,983	$	(264,140	)	$	2,093	$	44,839	$	42,338
Fixed charges, excluding deposit interest, from below		81,498		91,286			47,106		34,668		23,786
Distributed income of equity investees		—		—			1,388		1,180		880
Subtract
Preference security dividends		8,649		1,163			—		—		—
Total Earnings	$	90,832	$	(174,016	)	$	50,587	$	80,687	$	67,004
FIXED CHARGES, EXCLUDING DEPOSIT INTEREST
Interest expense, excluding interest on deposits	$	40,957	$	51,572		$	42,830	$	31,723	$	21,166
Interest portion of fixed rentals (1)		—		—			—		—		—
Amortization premiums, discounts and capitalized expenses related to indebtedness		27,567		34,647			868		99		96
Estimate of the interest within rental expense (2)		4,325		3,905			3,408		2,846		2,524
Preference security dividends		8,649		1,163			—		—		—
Total fixed charges, excluding deposit interest	$	81,498	$	91,286		$	47,106	$	34,668	$	23,786
Ratio of Earnings to Fixed Charges Excluding Interest on Deposits (3)		1.11		(1.91	)		1.07		2.33		2.82

(1) The Company is not a party to any capital leases; therefore, this item is not applicable. All leases are operating leases.

(2) Interest component of rental expense is estimated to be 1/3 of rental expense.

(3) For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $265.3 million.