EXHIBIT (12)
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1999 – June 30, 2004
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
Year Ended December 31 | 12 Months 2004 | Six 2004* | 12 Months 2004 | Three 2004* | |||||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||||||||||||
Fixed Charges, as Defined: | |||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 27,728 | $ | 29,987 | $ | 30,224 | $ | 32,264 | $ | 33,258 | $ | 32,972 | $ | 16,901 | $ | 33,411 | $ | 8,450 | |||||||||
Other Interest | 2,778 | 3,628 | 3,772 | 1,620 | 2,048 | 1,996 | 818 | 1,914 | 477 | ||||||||||||||||||
Amortization of Debt Discount and Expense | 699 | 735 | 768 | 799 | 696 | 704 | 381 | 697 | 186 | ||||||||||||||||||
Interest Portion of Rentals | 1,707 | 1,628 | 1,572 | 1,578 | 1,622 | 2,598 | 1,804 | 1,568 | 367 | ||||||||||||||||||
Total Fixed Charges, as defined | $ | 32,912 | $ | 35,978 | $ | 36,336 | $ | 36,261 | $ | 37,624 | $ | 38,270 | $ | 19,904 | $ | 37,590 | $ | 9,480 | |||||||||
Earnings, as Defined: | |||||||||||||||||||||||||||
Net Income | $ | 45,296 | $ | 50,224 | $ | 50,187 | $ | 43,792 | $ | 45,983 | $ | 47,013 | $ | 31,896 | $ | 52,191 | $ | 32,612 | |||||||||
Taxes on Income | 24,591 | 26,829 | 27,553 | 23,444 | 23,340 | 24,354 | 17,904 | 27,372 | 18,632 | ||||||||||||||||||
Fixed Charges, as above | 32,912 | 35,978 | 36,336 | 36,261 | 37,624 | 38,270 | 19,904 | 37,590 | 9,480 | ||||||||||||||||||
Total Earnings, as defined | $ | 102,799 | $ | 113,031 | $ | 114,076 | $ | 103,497 | $ | 106,947 | $ | 109,637 | $ | 69,704 | $ | 117,153 | $ | 60,724 | |||||||||
Ratio of Earnings to Fixed Charges | 3.12 | 3.14 | 3.14 | 2.85 | 2.84 | 2.86 | 3.50 | 3.12 | 6.41 | ||||||||||||||||||
For the twelve months ended Dec. 31, 2003, March 31, 2004 and June 30, 2004, other interest includes dividends on redeemable preferred stock which have been reclassified as interest expense beginning July 1, 2003 upon adoption of SFAS No. 150.
* | A significant part of the business of the Company is of a seasonal nature; therefore, the ratio of earnings to fixed charges for the interim period is not necessarily indicative of the results for a full year. |