c# Image resizing to different size while preserving aspect ratio

I'm trying to resize an image while preserving the aspect ratio from the original image so the new image doesn't look squashed.

eg:

Convert a 150*100 image into a 150*150 image.
The extra 50 pixels of the height need to be padded with a white background color.

This is the current code I am using.

It works well for resizing but changing the aspect ratio of the original image squashes the new image.

private void resizeImage(string path, string originalFilename, 
                         int width, int height)
    {
        Image image = Image.FromFile(path + originalFilename);

        System.Drawing.Image thumbnail = new Bitmap(width, height);
        System.Drawing.Graphics graphic = 
                     System.Drawing.Graphics.FromImage(thumbnail);

        graphic.InterpolationMode = InterpolationMode.HighQualityBicubic;
        graphic.SmoothingMode = SmoothingMode.HighQuality;
        graphic.PixelOffsetMode = PixelOffsetMode.HighQuality;
        graphic.CompositingQuality = CompositingQuality.HighQuality;

        graphic.DrawImage(image, 0, 0, width, height);

        System.Drawing.Imaging.ImageCodecInfo[] info =
                         ImageCodecInfo.GetImageEncoders();
        EncoderParameters encoderParameters;
        encoderParameters = new EncoderParameters(1);
        encoderParameters.Param[0] = new EncoderParameter(Encoder.Quality,
                         100L);            
        thumbnail.Save(path + width + "." + originalFilename, info[1], 
                         encoderParameters);
    }

EDIT: I'd like to have the image padded instead of cropped

This should do it.

private void resizeImage(string path, string originalFilename, 
                     /* note changed names */
                     int canvasWidth, int canvasHeight, 
                     /* new */
                     int originalWidth, int originalHeight)
{
    Image image = Image.FromFile(path + originalFilename);

    System.Drawing.Image thumbnail = 
        new Bitmap(canvasWidth, canvasHeight); // changed parm names
    System.Drawing.Graphics graphic = 
                 System.Drawing.Graphics.FromImage(thumbnail);

    graphic.InterpolationMode = InterpolationMode.HighQualityBicubic;
    graphic.SmoothingMode = SmoothingMode.HighQuality;
    graphic.PixelOffsetMode = PixelOffsetMode.HighQuality;
    graphic.CompositingQuality = CompositingQuality.HighQuality;

    /* ------------------ new code --------------- */

    // Figure out the ratio
    double ratioX = (double) canvasWidth / (double) originalWidth;
    double ratioY = (double) canvasHeight / (double) originalHeight;
    // use whichever multiplier is smaller
    double ratio = ratioX < ratioY ? ratioX : ratioY;

    // now we can get the new height and width
    int newHeight = Convert.ToInt32(originalHeight * ratio);
    int newWidth = Convert.ToInt32(originalWidth * ratio);

    // Now calculate the X,Y position of the upper-left corner 
    // (one of these will always be zero)
    int posX = Convert.ToInt32((canvasWidth - (originalWidth * ratio)) / 2);
    int posY = Convert.ToInt32((canvasHeight - (originalHeight * ratio)) / 2);

    graphic.Clear(Color.White); // white padding
    graphic.DrawImage(image, posX, posY, newWidth, newHeight);

    /* ------------- end new code ---------------- */

    System.Drawing.Imaging.ImageCodecInfo[] info =
                     ImageCodecInfo.GetImageEncoders();
    EncoderParameters encoderParameters;
    encoderParameters = new EncoderParameters(1);
    encoderParameters.Param[0] = new EncoderParameter(Encoder.Quality,
                     100L);            
    thumbnail.Save(path + newWidth + "." + originalFilename, info[1], 
                     encoderParameters);
}

Edited to add:

Those who want to improve this code should put it in the comments, or a new answer. Don't edit this code directly.

I found out how to resize AND pad the image by learning from this this CodeProject Article.

static Image FixedSize(Image imgPhoto, int Width, int Height)
    {
        int sourceWidth = imgPhoto.Width;
        int sourceHeight = imgPhoto.Height;
        int sourceX = 0;
        int sourceY = 0;
        int destX = 0;
        int destY = 0;

        float nPercent = 0;
        float nPercentW = 0;
        float nPercentH = 0;

        nPercentW = ((float)Width / (float)sourceWidth);
        nPercentH = ((float)Height / (float)sourceHeight);
        if (nPercentH < nPercentW)
        {
            nPercent = nPercentH;
            destX = System.Convert.ToInt16((Width -
                          (sourceWidth * nPercent)) / 2);
        }
        else
        {
            nPercent = nPercentW;
            destY = System.Convert.ToInt16((Height -
                          (sourceHeight * nPercent)) / 2);
        }

        int destWidth = (int)(sourceWidth * nPercent);
        int destHeight = (int)(sourceHeight * nPercent);

        Bitmap bmPhoto = new Bitmap(Width, Height,
                          PixelFormat.Format24bppRgb);
        bmPhoto.SetResolution(imgPhoto.HorizontalResolution,
                         imgPhoto.VerticalResolution);

        Graphics grPhoto = Graphics.FromImage(bmPhoto);
        grPhoto.Clear(Color.Red);
        grPhoto.InterpolationMode =
                InterpolationMode.HighQualityBicubic;

        grPhoto.DrawImage(imgPhoto,
            new Rectangle(destX, destY, destWidth, destHeight),
            new Rectangle(sourceX, sourceY, sourceWidth, sourceHeight),
            GraphicsUnit.Pixel);

        grPhoto.Dispose();
        return bmPhoto;
    }