Park National (PRK) 10-Q 2009 Q1 Quarterly report

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

The following table shows the ratio of earnings to fixed charges for Park National Corporation, which includes our subsidiaries, on a consolidated basis:

	Three Months Ended		Year Ended December 31,
	March 31, 2009		2008		2007		2006		2005		2004
Ratio of earnings to fixed charges (1):
Excluding Interest on Deposits		4.63		1.77		2.12		4.36		4.61		7.80
Including Interest on Deposits		2.16		1.26		1.31		2.09		2.44		3.19

(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 subordinated debt, one-third of rental expense (which Park National Corporation believes is representative of the interest factor), and including/excluding interest on deposits.

Earnings:
Income before income taxes	$	29,294,000	$	35,719,000	$	52,677,000	$	133,077,000	$	135,424,000	$	129,249,000
Fixed Charges:
Interest on deposits		17,279,000		89,892,000		121,021,000		82,272,000		56,899,000		39,998,000
Borrowings and subordinated debt		7,853,000		45,574,000		46,126,000		39,043,000		36,996,000		18,704,000
Rent expense interest factor (1/3)		206,782		801,147		731,723		530,030		476,528		303,595
Total fixed charges:
Including interest on deposits	$	25,338,782	$	136,267,147	$	167,878,723	$	121,845,030	$	94,371,528	$	59,005,595
Excluding interest on deposits	$	8,059,782	$	46,375,147	$	46,857,723	$	39,573,030	$	37,472,528	$	19,007,595

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 National Corporation, which includes our subsidiaries, on a consolidated basis:

	Three Months Ended		Year Ended December 31,
	March 31, 2009		2008		2007		2006		2005		2004
Ratio of earnings to fixed charges and preferred dividends (1):
Excluding Interest on Deposits		3.90		1.77		2.12		4.36		4.61		7.80
Including Interest on Deposits		2.07		1.26		1.31		2.09		2.44		3.19

(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 subordinated debt, one-third of rental expense (which Park National Corporation believes is representative of the interest factor), preferred dividends, and including/excluding interest on deposits.

Earnings:
Income before income taxes	$	29,294,000	$	35,719,000	$	52,677,000	$	133,077,000	$	135,424,000	$	129,249,000
Fixed Charges:
Interest on deposits		17,279,000		89,892,000		121,021,000		82,272,000		56,899,000		39,998,000
Borrowings and subordinated debt		7,853,000		45,574,000		46,126,000		39,043,000		36,996,000		18,704,000
Preferred dividends		2,057,143		202,857
Rent expense interest factor (1/3)		206,782		801,147		731,723		530,030		476,528		303,595
Total fixed charges:
Including interest on deposits	$	27,395,925	$	136,470,004	$	167,878,723	$	121,845,030	$	94,371,528	$	59,005,595
Excluding interest on deposits	$	10,116,925	$	46,578,004	$	46,857,723	$	39,573,030	$	37,472,528	$	19,007,595