EXHIBIT 11
NORTHWEST NATURAL GAS COMPANY
Statement Re: Computation of Per Share Earnings
(Thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
Net income (loss) | $ | 1,140 | $ | (716 | ) | $ | 41,027 | $ | 31,896 | ||||
Debenture interest less taxes | 47 | 61 | 94 | 123 | |||||||||
Net income (loss) - diluted | $ | 1,187 | $ | (655 | ) | $ | 41,121 | $ | 32,019 | ||||
Average common shares outstanding - basic | 27,555 | 27,257 | 27,567 | 26,615 | |||||||||
Stock options | 66 | 45 | 61 | 52 | |||||||||
Convertible debentures | 213 | 280 | 213 | 280 | |||||||||
Average common shares outstanding - diluted | 27,834 | 27,582 | 27,841 | 26,947 | |||||||||
Earnings (loss) per share of common stock - basic | $ | 0.04 | $ | (0.03 | ) | $ | 1.49 | $ | 1.20 | ||||
Earnings (loss) per share of common stock - diluted | $ | 0.04 | $ | (0.03 | ) | $ | 1.48 | $ | 1.19 | ||||
No shares were excluded from the calculation of diluted earnings per share for the three- and six-month periods ended June 30, 2005. For the three- and six-month periods ended June 30, 2004, 184,800 shares were excluded from the calculation of diluted earnings per share because the effect would have been antidilutive.