Northwest Natural Holding 10-K 2015 FY Annual report

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Ratios of Earnings to Fixed Charges

^(Unaudited) 

	Year Ended December 31,
In thousands, except share data	2015		2014		2013		2012		2011
Fixed Charges, as defined:
Interest on Long-Term Debt	$	37,918	$	40,066	$	40,825	$	39,175	$	37,515
Other Interest	3,173		2,718		2,709		2,314		2,976
Amortization of Debt Discount and Expense	1,760		1,963		1,877		1,848		1,729
Interest Portion of Rentals	1,976		2,302		1,910		1,864		2,213
Total Fixed Charges, as defined	44,827		47,049		47,321		45,201		44,433
Earnings, as defined:
Net Income	53,703		58,692		60,538		58,779		63,044
Taxes on Income	35,753		41,643		41,705		43,403		42,825
Fixed Charges, as above	44,827		47,049		47,321		45,201		44,433
Total Earnings, as defined	$	134,283	$	147,384	$	149,564	$	147,383	$	150,302
Ratios of Earnings to Fixed Charges	3.00		3.13		3.16		3.26		3.38