ENTERPRISE FINANCIAL SERVICES CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS - May 9, 2011

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10-Q - QUARTERLY REPORT - ENTERPRISE FINANCIAL SERVICES CORPenterprise_10q.htm
EX-32.2 - CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO 18 U.S.C. SECT. 1350 - ENTERPRISE FINANCIAL SERVICES CORPexhibit32-2.htm
EX-31.1 - CHIEF EXECUTIVE OFFICER'S CERTIFICATION REQUIRED BY RULE 13(A)-14(A). - ENTERPRISE FINANCIAL SERVICES CORPexhibit31-1.htm
EX-31.2 - CHIEF FINANCIAL OFFICER'S CERTIFICATION REQUIRED BY RULE 13(A)-14(A). - ENTERPRISE FINANCIAL SERVICES CORPexhibit31-2.htm
EX-10.1 - PURCHASE AND ASSUMPTION AGREEMENT DATED JANUARY 7, 2011 - ENTERPRISE FINANCIAL SERVICES CORPexhibit10-1.htm
EX-32.1 - CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO 18 U.S.C. SECT. 1350 - ENTERPRISE FINANCIAL SERVICES CORPexhibit32-1.htm

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   Years ended December 31,
($ in thousands)   March 31, 2011       2010       2009 (2)       2008       2007       2006
Earnings (1):                                                
Income (loss) before income taxes       $ 10,810     $ 13,328     $ (48,366 )   $ 11,899     $ 24,277     $ 21,107  
Add: Fixed charges from below     8,764       35,479       51,396       60,454       69,243       47,308  
Earnings including interest expense on deposits (a)   $ 19,574     $ 48,807     $ 3,030     $ 72,353     $ 93,520     $ 68,415  
                                                 
Less: interest expense on deposits     (5,689 )     (22,867 )     (30,202 )     (39,921 )     (52,864 )     (37,832 )
Earnings excluding interest expense on deposits (b)   $ 13,885     $ 25,940     $ (27,173 )   $ 32,433     $ 40,656     $ 30,583  
                                                 
Fixed charges (1):                                                
       Interest on deposits   $ 5,689     $ 22,867     $ 30,202     $ 39,921     $ 52,864     $ 37,832  
       Interest on borrowings     2,135       9,544       18,642       20,418       16,378       9,476  
       TARP preferred stock dividends (pre-tax)     941       3,068       2,551       116       -       -  
Fixed charges including interest on deposits (c)   $ 8,764     $ 35,479     $ 51,396     $ 60,454     $ 69,243     $ 47,308  
                                                 
Less: interest expense on deposits     (5,689 )     (22,867 )     (30,202 )     (39,921 )     (52,864 )     (37,832 )
Fixed charges excluding interest expense on deposits (d)   $ 3,075     $ 12,612     $ 21,193     $ 20,534     $ 16,378     $ 9,476  
                                                 
Ratio of earnings to combined fixed charges                                                
       Excluding interest on deposits (b/d) (3)     4.52x       2.06x       -1.28x       1.58x       2.48x       3.23x  
       Including interest on deposits (a/c)     2.23x       1.38x       0.06x       1.20x       1.35x       1.45x  
                                                 
Ratio of earnings to combined fixed charges and                                                
preferred dividends:                                                
       Excluding interest on deposits (b/d) (3)     6.06x       2.40x       -1.59x       1.58x       2.48x       3.23x  
       Including interest on deposits (a/c)     2.38x       1.41x       0.01x       1.20x       1.35x       1.45x  

(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 $48.4 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.
 
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