| Exhibit 12 | ||||||||||||||||||||||||
| Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
| The following table shows the ratio of earnings to fixed charges for Park, which includes our subsidiaries, on a consolidated basis: | ||||||||||||||||||||||||
| Six Months | ||||||||||||||||||||||||
| Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Ratio of earnings to fixed charges (1): | (Restated) | |||||||||||||||||||||||
| Excluding Interest on Deposits | 5.56 | 3.47 | 4.20 | 1.77 | 2.12 | 4.36 | ||||||||||||||||||
| Including Interest on Deposits | 3.34 | 2.04 | 2.02 | 1.26 | 1.31 | 2.09 | ||||||||||||||||||
| (1) | For purposes of computing the ratios, earnings consist of income before income taxes and fixed charges. Fixed charges consist of interest on borrowings and long-term debt, including/excluding interest on deposits, and one-third of rental expense, which Park National Corporation believes is representative of the interest factor. |
| Earnings: | ||||||||||||||||||||||||
| Income before income taxes | $ | 71,531,000 | $ | 74,737,000 | $ | 97,135,000 | $ | 35,719,000 | $ | 52,677,000 | $ | 133,077,000 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest on deposits | 14,876,000 | 41,965,000 | 64,620,000 | 89,892,000 | 121,021,000 | 82,272,000 | ||||||||||||||||||
| Borrowings and long-term debt | 15,373,000 | 29,508,000 | 29,579,000 | 45,574,000 | 46,126,000 | 39,043,000 | ||||||||||||||||||
| Rent expense interest factor (1/3) | 323,936 | 721,687 | 794,866 | 801,147 | 731,723 | 530,030 | ||||||||||||||||||
| Total fixed charges: | ||||||||||||||||||||||||
| Including interest on deposits | $ | 30,572,936 | $ | 72,194,687 | $ | 94,993,866 | $ | 136,267,147 | $ | 167,878,723 | $ | 121,845,030 | ||||||||||||
| Excluding interest on deposits | $ | 15,696,936 | $ | 30,229,687 | $ | 30,373,866 | $ | 46,375,147 | $ | 46,857,723 | $ | 39,573,030 | ||||||||||||
| Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends | ||||||||||||||||||||||||
| The following table shows the ratio of earnings to fixed charges and preferred dividends for Park, which includes our subsidiaries, on a consolidated basis: | ||||||||||||||||||||||||
| Six Months | ||||||||||||||||||||||||
| Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| Ratio of earnings to fixed charges | (Restated) | |||||||||||||||||||||||
| and preferred dividends (1): | ||||||||||||||||||||||||
| Excluding Interest on Deposits | 4.60 | 2.94 | 3.52 | 1.77 | 2.12 | 4.36 | ||||||||||||||||||
| Including Interest on Deposits | 3.06 | 1.93 | 1.94 | 1.26 | 1.31 | 2.09 | ||||||||||||||||||
| (1) | For purposes of computing the ratios, earnings consist of income before income taxes and fixed charges. Fixed charges consist of interest on borrowings and long-term debt, including/excluding interest on deposits, preferred dividends and accretion, and one-third of rental expense, which Park National Corporation believes is representative of the interest factor. |
| Earnings: | ||||||||||||||||||||||||
| Income before income taxes | $ | 71,531,000 | $ | 74,737,000 | $ | 97,135,000 | $ | 35,719,000 | $ | 52,677,000 | $ | 133,077,000 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest on deposits | 14,876,000 | 41,965,000 | 64,620,000 | 89,892,000 | 121,021,000 | 82,272,000 | ||||||||||||||||||
| Borrowings and long-term debt | 15,373,000 | 29,508,000 | 29,579,000 | 45,574,000 | 46,126,000 | 39,043,000 | ||||||||||||||||||
| Preferred dividends and accretion | 4,182,857 | 8,295,714 | 8,231,429 | 202,857 | ||||||||||||||||||||
| Rent expense interest factor (1/3) | 323,936 | 721,687 | 794,866 | 801,147 | 731,723 | 530,030 | ||||||||||||||||||
| Total fixed charges: | ||||||||||||||||||||||||
| Including interest on deposits | $ | 34,755,793 | $ | 80,490,401 | $ | 103,225,295 | $ | 136,470,004 | $ | 167,878,723 | $ | 121,845,030 | ||||||||||||
| Excluding interest on deposits | $ | 19,879,793 | $ | 38,525,401 | $ | 38,605,295 | $ | 46,578,004 | $ | 46,857,723 | $ | 39,573,030 | ||||||||||||
