EXHIBIT (11)
NORTHWEST NATURAL GAS COMPANY
Statement re: Computation of Per Share Earnings
(Unaudited)
Thousands, except per share amounts | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||
Net income (loss) | $ | (716 | ) | $ | 4,462 | $ | 31,896 | $ | 30,866 | ||||
Redeemable preferred stock dividend requirements | — | 147 | — | 294 | |||||||||
Earnings (loss) applicable to common stock - basic | (716 | ) | 4,315 | 31,896 | 30,572 | ||||||||
Debenture interest less taxes | 61 | 70 | 123 | 141 | |||||||||
Earnings (loss) applicable to common stock - diluted | $ | (655 | ) | $ | 4,385 | $ | 32,019 | $ | 30,713 | ||||
Average common shares outstanding - basic | 27,257 | 25,682 | 26,615 | 25,649 | |||||||||
Stock options | 45 | 39 | 52 | 33 | |||||||||
Convertible debentures | 280 | 320 | 280 | 320 | |||||||||
Average common shares outstanding - diluted | 27,582 | 26,041 | 26,947 | 26,002 | |||||||||
Earnings (loss) per share of common stock - basic | $ | (0.03 | ) | $ | 0.17 | $ | 1.20 | $ | 1.19 | ||||
Earnings (loss) per share of common stock - diluted | $ | (0.03 | ) | $ | 0.17 | $ | 1.19 | $ | 1.18 | ||||
For the three months ended June 30, 2004 and 2003, 184,800 shares and 84,000 shares, respectively, representing the number of stock options the exercise prices for which were greater than the average market prices for such periods, were excluded from the calculation of diluted earnings per share because the effect was antidilutive. For the six months ended June 30, 2004 and 2003, 184,800 and 233,000 shares, respectively, were excluded from the calculation of diluted earnings for this reason.