Exhibit 12.1

PrivateBancorp, Inc.

Calculation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Year Ended December 31,
	2004			2003			2002			2001			2000
Including Interest on Deposits
Earnings:
Earnings before income taxes	$	37,498		$	26,571		$	14,277		$	8,251		$	6,688
Fixed charges from below		39,568			30,354			31,241			37,637			33,331
Earnings	$	77,066		$	56,925		$	45,518		$	45,888		$	40,019
Fixed charges:
Interest expense	$	39,568		$	30,354		$	31,241		$	37,637		$	33,331
Interest portion of fixed rentals(1)		—			—			—			—			—
Total interest expense	$	39,568		$	30,354		$	31,241		$	37,637		$	33,331
Ratio of Earnings to Fixed Charges		1.95	X		1.88	X		1.46	X		1.22	X		1.20	X
Excluding Interest on Deposits
Earnings:
Earnings before income taxes	$	37,498		$	26,571		$	14,277		$	8,251		$	6,688
Fixed charges from below		8,598			6,442			7,264			8,058			4,116
Earnings	$	46,096		$	33,013		$	21,541		$	16,309		$	10,804
Fixed charges:
Interest expense excluding interest on deposits	$	8,598		$	6,442		$	7,264		$	8,058		$	4,116
Interest portion of fixed rentals(1)	$	—		$	—		$	—		$	—		$	—
Total Interest expense	$	8,598		$	6,442		$	7,264		$	8,058		$	4,116
Ratio of Earnings to Fixed Charges		5.36	X		5.12	X		2.97	X		2.02	X		2.62	X

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