Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED DIVIDENDS

UNION FIRST MARKET BANKSHARES CORPORATION

The following table presents the calculation of the ratios of earnings to fixed charges and preferred dividends:

 

      For the Three Months
Ended March 31,		    For the Years Ended December 31,

(Dollars in thousands)

    2010    2009    2009    2008 (1)    2007 (1)    2006 (1)    2005 (1)

Income before income taxes

    $ 2,098    $ 1,990    $ 9,250    $ 18,772    $ 26,240    $ 35,943    $ 35,413

Fixed charges:

                     

Interest expense on deposits

      7,263      11,105      39,451      44,298      48,234      39,729      25,908

Interest expense on federal funds purchased

      14      —        27      380      1,224      1,256      171

Interest expense on short-term borrowings

      598      631      2,261      4,407      6,618      4,168      1,842

Interest expense on long-term borrowings

      1,283      1,914      7,032      8,137      9,175      7,288      5,046

Preferred dividends

      303      738      2,696      0      0      0      0
                                                

Total fixed charges

    $ 9,461    $ 14,388    $ 51,467    $ 57,222    $ 65,251    $ 52,441    $ 32,967
                                                

Ratios of earnings to fixed charges:

                     

Including deposit interest

      1.23      1.15      1.19      1.33      1.40      1.69      2.07

Excluding deposit interest

      2.11      1.78      1.99      2.45      2.54      3.83      6.02

Ratios of earnings to fixed charges and preferred dividends:

                     

Including deposit interest

      1.22      1.14      1.18      1.33      1.40      1.69      2.07

Excluding deposit interest

      1.95      1.61      1.77      2.45      2.54      3.83      6.02

 

(1) We did not pay any dividends on our preferred stock during these periods. Therefore, the ratios of earnings to fixed charges and preferred dividends are not different from the ratios of earnings to fixed charges.

We did not pay any preferred stock dividends prior to 2009. Dividends were paid on our Treasury Series A Preferred Stock during 2009 with total dividend payments of $2.7 million, which covered all of 2009. During the fourth quarter 2009, the Company redeemed the Series A Preferred Stock issued to the Treasury by repaying $59 million received in December 2008 under the Capital Purchase Program.