Exhibit 12.1

Bankwell Financial Group, Inc.

Consolidated Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings

		Year Ended December 31,
(Dollars in thousands)		2013	2012	2011
Fixed Charges
	Interest expense, including deposits	$          2,765	$          3,192	$          2,870
	Estimate of interest in rental expense	11	17	22
	Preferred stock dividends (1)	158	203	299
	Total fixed charges	$          2,934	$          3,412	$          3,191
Earnings
	Income before provision for income taxes	$          7,345	$          1,871	$          3,201
	Add:  Fixed charges	2,934	3,412	3,191
	Total earnings	$        10,279	$          5,283	$          6,392
Ratio of earnings to combined fixed charges and preferred stock dividends, including deposit expense		3.50	1.55	2.00

(1) Preferred stock dividends used in the ratio consist of the amount of pre-tax earnings required to pay the dividends on outstanding preferred stock.

		Year Ended December 31,
(Dollars in thousands)		2013	2012	2011
Fixed Charges
	Interest expense, excluding deposits	$             532	$             825	$             847
	Estimate of interest in rental expense	11	17	22
	Preferred stock dividends (1)	158	203	299
	Total fixed charges	$             701	$          1,045	$          1,168
Earnings
	Income before provision for income taxes	$          7,345	$          1,871	$          3,201
	Add:  Fixed charges	701	1,045	1,168
	Total earnings	$          8,046	$          2,916	$          4,369
Ratio of earnings to combined fixed charges and preferred stock dividends, excluding deposit expense		11.48	2.79	3.74

(1) Preferred stock dividends used in the ratio consist of the amount of pre-tax earnings required to pay the dividends on outstanding preferred stock.