Attached files
| file | filename |
|---|---|
| 10-Q - PARK NATIONAL CORP /OH/ | v227754_10q.htm |
| EX-31.1 - PARK NATIONAL CORP /OH/ | v227754_ex31-1.htm |
| EX-32.2 - PARK NATIONAL CORP /OH/ | v227754_ex32-2.htm |
| EX-31.2 - PARK NATIONAL CORP /OH/ | v227754_ex31-2.htm |
| EX-32.1 - PARK NATIONAL CORP /OH/ | v227754_ex32-1.htm |
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Exhibit 12
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Computation of Ratio of Earnings to Fixed Charges
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The following table shows the ratio of earnings to fixed charges for Park, which includes our subsidiaries, on a consolidated basis:
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Six Months
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Ended
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Year Ended December 31,
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June 30, 2011
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2010
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2009
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2008
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2007
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2006
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Ratio of earnings to fixed charges (1):
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Excluding Interest on Deposits
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4.63 | 4.29 | 4.20 | 1.77 | 2.12 | 4.36 | ||||||||||||||||||
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Including Interest on Deposits
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2.86 | 2.38 | 2.02 | 1.26 | 1.31 | 2.09 | ||||||||||||||||||
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(1)
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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.
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Earnings:
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Income before income taxes
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$ | 56,986,000 | $ | 99,531,000 | $ | 97,135,000 | $ | 35,719,000 | $ | 52,677,000 | $ | 133,077,000 | ||||||||||||
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Fixed Charges:
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Interest on deposits
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14,876,000 | 41,965,000 | 64,620,000 | 89,892,000 | 121,021,000 | 82,272,000 | ||||||||||||||||||
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Borrowings and long-term debt
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15,373,000 | 29,508,000 | 29,579,000 | 45,574,000 | 46,126,000 | 39,043,000 | ||||||||||||||||||
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Rent expense interest factor (1/3)
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323,936 | 721,687 | 794,866 | 801,147 | 731,723 | 530,030 | ||||||||||||||||||
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Total fixed charges:
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Including interest on deposits
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$ | 30,572,936 | $ | 72,194,687 | $ | 94,993,866 | $ | 136,267,147 | $ | 167,878,723 | $ | 121,845,030 | ||||||||||||
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Excluding interest on deposits
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$ | 15,696,936 | $ | 30,229,687 | $ | 30,373,866 | $ | 46,375,147 | $ | 46,857,723 | $ | 39,573,030 | ||||||||||||
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Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends
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The following table shows the ratio of earnings to fixed charges and preferred dividends for Park, which includes our subsidiaries, on a consolidated basis:
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Six Months
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Ended
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Year Ended December 31,
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June 30, 2011
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2010
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2009
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2008
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2007
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2006
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Ratio of earnings to fixed charges
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and preferred dividends (1):
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Excluding Interest on Deposits
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3.87 | 3.58 | 3.52 | 1.77 | 2.12 | 4.36 | ||||||||||||||||||
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Including Interest on Deposits
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2.64 | 2.24 | 1.94 | 1.26 | 1.31 | 2.09 | ||||||||||||||||||
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(1)
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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.
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Earnings:
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Income before income taxes
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$ | 56,986,000 | $ | 99,531,000 | $ | 97,135,000 | $ | 35,719,000 | $ | 52,677,000 | $ | 133,077,000 | ||||||||||||
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Fixed Charges:
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Interest on deposits
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14,876,000 | 41,965,000 | 64,620,000 | 89,892,000 | 121,021,000 | 82,272,000 | ||||||||||||||||||
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Borrowings and long-term debt
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15,373,000 | 29,508,000 | 29,579,000 | 45,574,000 | 46,126,000 | 39,043,000 | ||||||||||||||||||
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Preferred dividends and accretion
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4,182,857 | 8,295,714 | 8,231,429 | 202,857 | ||||||||||||||||||||
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Rent expense interest factor (1/3)
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323,936 | 721,687 | 794,866 | 801,147 | 731,723 | 530,030 | ||||||||||||||||||
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Total fixed charges:
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Including interest on deposits
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$ | 34,755,793 | $ | 80,490,401 | $ | 103,225,295 | $ | 136,470,004 | $ | 167,878,723 | $ | 121,845,030 | ||||||||||||
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Excluding interest on deposits
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$ | 19,879,793 | $ | 38,525,401 | $ | 38,605,295 | $ | 46,578,004 | $ | 46,857,723 | $ | 39,573,030 | ||||||||||||