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)
2013
 
2012
2011
2010
2009 (2)
2008
Earnings (1):
 
 
 
 
 
 
 
Income (loss) before income taxes
$
15,187

 
$
41,914

$
37,372

$
6,396

$
(49,321
)
$
11,738

Add: Fixed charges from below
5,011

 
27,899

33,866

35,242

51,396

60,454

Earnings including interest expense on deposits (a)
$
20,198

 
$
69,813

$
71,238

$
41,638

$
2,075

$
72,192

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(3,017
)
 
(15,406
)
(21,658
)
(22,867
)
(30,203
)
(39,920
)
Earnings excluding interest expense on deposits (b)
$
17,181

 
$
54,407

$
49,580

$
18,771

$
(28,128
)
$
32,272

 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
Interest on deposits
$
3,017

 
$
15,406

$
21,658

$
22,867

$
30,203

$
39,920

Interest on borrowings
1,994

 
7,761

8,497

9,544

18,642

20,418

TARP preferred stock dividends (pre-tax)
—

 
4,732

3,711

2,831

2,551

116

Fixed charges including interest on deposits (c)
$
5,011

 
$
27,899

$
33,866

$
35,242

$
51,396

$
60,454

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(3,017
)
 
(15,406
)
(21,658
)
(22,867
)
(30,203
)
(39,920
)
Fixed charges excluding interest expense on deposits (d)
$
1,994

 
$
12,493

$
12,208

$
12,375

$
21,193

$
20,534

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (3)
 8.62x

 
 4.35x

 4.06x

 1.52x

 -1.33x

 1.57x

     Including interest on deposits (a/c)
 4.03x

 
 2.50x

 2.10x

 1.18x

 0.04x

 1.19x

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (3)
 8.62x

 
 6.40x

 5.40x

 1.67x

 -1.65x

 1.57x

     Including interest on deposits (a/c)
 4.03x

 
 2.81x

 2.24x

 1.20x

 -0.01x

 1.19x


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

(2) Due to the Company's $46.7 million loss (including $45.4 million of goodwill impairment charges) for the year ended December 31, 2009, the ratio coverage was less than 1:1. The Company would have had to generate additional earnings of $49.3 million to achieve a coverage ratio of 1:1.

(3) 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.