EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2000 – Sept. 30, 2005
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
Year Ended December 31 | 12 Months Ended Sept. 30, 2005 | Nine Months Sept. 30, 2005* | |||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||
Fixed Charges, as Defined: | |||||||||||||||||||||
Interest on Long-Term Debt | $ | 33,776 | $ | 33,258 | $ | 32,264 | $ | 30,224 | $ | 29,987 | $ | 34,045 | $ | 25,619 | |||||||
Other Interest | 2,184 | 2,048 | 1,620 | 3,772 | 3,628 | 2,219 | 1,391 | ||||||||||||||
Amortization of Debt | |||||||||||||||||||||
Discount and Expense | 773 | 696 | 799 | 768 | 735 | 829 | 628 | ||||||||||||||
Interest Portion of Rentals | 1,489 | 1,622 | 1,578 | 1,572 | 1,628 | 1,364 | 986 | ||||||||||||||
Total Fixed Charges, as defined | $ | 38,222 | $ | 37,624 | $ | 36,261 | $ | 36,336 | $ | 35,978 | $ | 38,457 | $ | 28,624 | |||||||
Earnings, as Defined: | |||||||||||||||||||||
Net Income | $ | 50,572 | $ | 45,983 | $ | 43,792 | $ | 50,187 | $ | 50,224 | $ | 59,317 | $ | 32,356 | |||||||
Taxes on Income | 26,531 | 23,340 | 23,444 | 27,553 | 26,829 | 31,910 | 17,934 | ||||||||||||||
Fixed Charges, as above | 38,222 | 37,624 | 36,261 | 36,336 | 35,978 | 38,457 | 28,624 | ||||||||||||||
Total Earnings, as defined | $ | 115,325 | $ | 106,947 | $ | 103,497 | $ | 114,076 | $ | 113,031 | $ | 129,684 | $ | 78,914 | |||||||
Ratio of Earnings to Fixed Charges | 3.02 | 2.84 | 2.85 | 3.14 | 3.14 | 3.37 | 2.76 | ||||||||||||||
* | 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. |