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, | |||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||
Net income | $ | 2,617 | $ | 1,994 | $ | 50,692 | $ | 43,027 | ||||
Average common shares outstanding - basic | 26,999 | 27,563 | 27,114 | 27,574 | ||||||||
Additional shares for stock-based compensation plans | 165 | 48 | 147 | 47 | ||||||||
Average common shares outstanding - diluted | 27,164 | 27,611 | 27,261 | 27,621 | ||||||||
Earnings per share of common stock - basic | $ | 0.10 | $ | 0.07 | $ | 1.87 | $ | 1.56 | ||||
Earnings per share of common stock - diluted | $ | 0.10 | $ | 0.07 | $ | 1.86 | $ | 1.56 | ||||
For the three- and six- month periods ended June 30, 2007 and the three- month period ended June 30, 2006, no shares were excluded from the calculation of diluted earnings per share because the effect of all shares was dilutive. For the six-month period ended June 30, 2006, 600 shares were excluded from the calculation of diluted earnings per share because the shares would not have a dilutive effect.