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