Northwest Natural Holding 10-Q 2018 Q2 Quarterly report

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Ratios of Earnings to Fixed Charges

^(unaudited) 

											Twelve Months Ended		Six Months Ended
	Year Ended December 31,										June 30,		June 30,
In thousands, except share data	2017		2016		2015		2014		2013		2018		2018
Fixed Charges, as defined:
Interest on Long-Term Debt	$	36,809	$	34,508	$	37,918	$	40,066	$	40,825	36,720		$	18,378
Other Interest	2,274		3,404		3,173		2,718		2,709		2,604		1,379
Amortization of Debt Discount and Expense	2,017		1,671		1,760		1,963		1,877		2,032		1,017
Capitalized Interest	2,598		—		—		—		—		4,846		2,248
Interest Portion of Rentals	2,574		2,048		1,976		2,302		1,910		2,291		1,006
Total Fixed Charges, as defined	$	46,272	$	41,631	$	44,827	$	47,049	$	47,321	48,493		$	24,028
Earnings, as defined:
Net Income from continuing operations(1)	$	72,073	$	62,419	$	60,026	$	66,006	$	61,970	$	68,273	$	41,672
Taxes on Income from continuing operations(1)	41,008		43,011		39,907		46,268		42,787		26,306		15,476
Fixed Charges, as above	46,272		41,631		44,827		47,049		47,321		48,493		24,028
Total Earnings, as defined	$	159,353	$	147,061	$	144,760	$	159,323	$	152,078	$	143,072	$	81,176
Ratios of Earnings to Fixed Charges	3.44		3.53		3.23		3.39		3.21		2.95		3.38

(1) Net income from continuing operations and taxes on income from continuing operations exclude income and taxes related to discontinued operations, respectively.