EXHIBIT (11)
NORTHWEST NATURAL GAS COMPANY
Statement re: Computation of Per Share Earnings
(Unaudited)
Thousands, except per share amounts | Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | ||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||
Net income (loss) | $ | (8,285 | ) | $ | (6,546 | ) | $ | 23,611 | $ | 24,320 | ||||
Redeemable preferred stock dividend requirements | — | — | — | 294 | ||||||||||
Earnings (loss) applicable to common stock - basic | (8,285 | ) | (6,546 | ) | 23,611 | 24,026 | ||||||||
Debenture interest less taxes | 60 | 70 | 179 | 209 | ||||||||||
Earnings (loss) applicable to common stock - diluted | $ | (8,225 | ) | $ | (6,476 | ) | $ | 23,790 | $ | 24,235 | ||||
Average common shares outstanding - basic | 27,373 | 25,777 | 26,868 | 25,692 | ||||||||||
Stock options | 43 | 43 | 47 | 28 | ||||||||||
Convertible debentures | 272 | 316 | 272 | 316 | ||||||||||
Average common shares outstanding - diluted | 27,688 | 26,136 | 27,187 | 26,036 | ||||||||||
Earnings (loss) per share of common stock - basic | $ | (0.30 | ) | $ | (0.25 | ) | $ | 0.88 | $ | 0.94 | ||||
Earnings (loss) per share of common stock - diluted | $ | (0.30 | ) | $ | (0.25 | ) | $ | 0.88 | $ | 0.93 | ||||
For the three months ended Sept. 30, 2004, 202,800 shares, 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 nine months ended Sept. 30, 2004 and 2003, 18,000 shares and 83,000 shares, respectively, were excluded from the calculation of diluted earnings per share for this reason. For the three months ended Sept. 30, 2003, no shares were excluded from the calculation of diluted earnings.