EX-12.1 2 v238575_ex12-1.htm EXHIBIT 12.1 Unassociated Document
Exhibit 12.1

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:

   
Nine Months
                               
   
Ended
   
Year Ended December 31,
 
   
Sept 30, 2011
   
2010
   
2009
   
2008
   
2007
   
2006
 
Ratio of earnings to fixed charges (1)
                                   
                                     
Excluding Interest on Deposits
    4.43       4.29       4.20       1.77       2.12       4.36  
                                                 
Including Interest on Deposits
    2.79       2.38       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
  $ 80,874,000     $ 99,531,000     $ 97,135,000     $ 35,719,000     $ 52,677,000     $ 133,077,000  
Fixed Charges:
                                               
Interest on deposits
    21,513,000       41,965,000       64,620,000       89,892,000       121,021,000       82,272,000  
Borrowings and long-term debt
    23,181,000       29,508,000       29,579,000       45,574,000       46,126,000       39,043,000  
Rent expense interest factor (1/3)
    424,897       721,687       794,866       801,147       731,723       530,030  
Total fixed charges:
                                               
Including interest on deposits
  $ 45,118,897     $ 72,194,687     $ 94,993,866     $ 136,267,147     $ 167,878,723     $ 121,845,030  
Excluding interest on deposits
  $ 23,605,897     $ 30,229,687     $ 30,373,866     $ 46,375,147     $ 46,857,723     $ 39,573,030