Why does my dog pant so much?

She is almost always panting, overly excited, hyper, and kind of intense.

She is a year old. We take her for regular walks and to the dog park to run around. She always has access to fresh water. We have tried teaching her "calm", which we taught our other dog, but it's not working for her.

Is she still just in that crazy puppy phase? Or is there something else that can be causing this?