Dad's excited tots (4)
I believe the answer is:
adds
'tots' is the definition.
('add' can be a synonym of 'tot')
'dad's excited' is the wordplay.
'excited' is an anagram indicator.
'dads' anagrammed gives 'ADDS'.
(Other definitions for adds that I've seen before include "Does summer job" , "Reckons" , "Tots up" , "Counts" , "Calculates the sum" .)