EX-12.1 4 a2015930-ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS Exhibit


Exhibit 12.1

Enterprise Financial Services Corp
Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement (unaudited)
 
Nine Months Ended
September 30,
 
Years ended December 31,
($ in thousands)
2015
 
2014
2013
2012
2011
2010
Earnings (1):
 
 
 
 
 
 
 
Income (loss) before income taxes
$
42,277

 
$
41,044

$
50,080

$
42,830

$
38,225

$
7,196

Add: Fixed charges from below
9,352

 
14,386

18,137

28,002

33,950

35,597

Earnings including interest expense on deposits (a)
$
51,629

 
$
55,430

$
68,217

$
70,832

$
72,175

$
42,793

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(7,875
)
 
(10,487
)
(11,142
)
(15,406
)
(21,658
)
(22,867
)
Earnings excluding interest expense on deposits (b)
$
43,754

 
$
44,943

$
57,075

$
55,426

$
50,517

$
19,926

 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
Interest on deposits
$
7,875

 
$
10,487

$
11,142

$
15,406

$
21,658

$
22,867

Interest on borrowings
1,477

 
3,899

6,995

7,761

8,497

9,544

TARP preferred stock dividends (pre-tax)
—

 
—

—

4,835

3,795

3,186

Fixed charges including interest on deposits (c)
$
9,352

 
$
14,386

$
18,137

$
28,002

$
33,950

$
35,597

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(7,875
)
 
(10,487
)
(11,142
)
(15,406
)
(21,658
)
(22,867
)
Fixed charges excluding interest expense on deposits (d)
$
1,477

 
$
3,899

$
6,995

$
12,596

$
12,292

$
12,730

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
29.62x

 
11.53x

 8.16x

4.40x

4.11x

1.57x

     Including interest on deposits (a/c)
5.52x

 
3.85x

 3.76x

2.53x

2.13x

1.20x

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
29.62x

 
11.53x

 8.16x

6.52x

5.50x

1.75x

     Including interest on deposits (a/c)
5.52x

 
3.85x

 3.76x

2.85x

2.27x

1.22x


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

(2) 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.