EX-12 2 v301516_ex12.htm EXHIBIT 12

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:

		Three Months
		Ended				Year Ended December 31,
		March 31, 2011				2010				2009				2008				2007				2006
		Restated
Ratio of earnings to fixed charges (1):
Excluding Interest on Deposits			4.92				3.47				4.20				1.77				2.12				4.36
Including Interest on Deposits			2.97				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		$	30,532,000			$	74,737,000			$	97,135,000			$	35,719,000			$	52,677,000			$	133,077,000
Fixed Charges:
Interest on deposits			7,725,000				41,965,000				64,620,000				89,892,000				121,021,000				82,272,000
Borrowings and long-term debt			7,624,000				29,508,000				29,579,000				45,574,000				46,126,000				39,043,000
Rent expense interest factor (1/3)			173,119				721,687				794,866				801,147				731,723				530,030
Total fixed charges:
Including interest on deposits		$	15,522,119			$	72,194,687			$	94,993,866			$	136,267,147			$	167,878,723			$	121,845,030
Excluding interest on deposits		$	7,797,119			$	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:

		Three Months
		Ended				Year Ended December 31,
		March 31, 2011				2010				2009				2008				2007				2006
		Restated
Ratio of earnings to fixed charges and preferred dividends (1):
Excluding Interest on Deposits			4.07				2.94				3.52				1.77				2.12				4.36
Including Interest on Deposits			2.72				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		$	30,352,000			$	74,737,000			$	97,135,000			$	35,719,000			$	52,677,000			$	133,077,000
Fixed Charges:
Interest on deposits			7,725,000				41,965,000				64,620,000				89,892,000				121,021,000				82,272,000
Borrowings and long-term debt			7,624,000				29,508,000				29,579,000				45,574,000				46,126,000				39,043,000
Preferred dividends and accretion			2,091,429				8,295,714				8,231,429				202,857
Rent expense interest factor (1/3)			173,119				721,687				794,866				801,147				731,723				530,030
Total fixed charges:
Including interest on deposits		$	17,613,547			$	80,490,402			$	103,225,295			$	136,470,004			$	167,878,723			$	121,845,030
Excluding interest on deposits		$	9,888,547			$	38,525,402			$	38,605,295			$	46,578,004			$	46,857,723			$	39,573,030