EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
3 months * ended June 30, | 6 Months* ended June 30, | 12 Months ended June 30, | Dec. 31, 2007 | ||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
Fixed Charges, as defined: | |||||||||||||||||||||
Interest on Long-Term Debt | $ | 8,436 | $ | 8,529 | $ | 16,871 | $ | 17,424 | $ | 33,741 | $ | 34,659 | $ | 34,294 | |||||||
Other Interest | 522 | 975 | 1,564 | 1,260 | 4,420 | 4,978 | 4,116 | ||||||||||||||
Amortization of Debt Discount and Expense | 176 | 177 | 351 | 361 | 701 | 717 | 711 | ||||||||||||||
Interest Portion of Rentals | 379 | 377 | 772 | 756 | 1,539 | 1,490 | 1,523 | ||||||||||||||
Total Fixed Charges, as defined | $ | 9,513 | $ | 10,058 | $ | 19,558 | $ | 19,801 | $ | 40,401 | $ | 41,844 | $ | 40,644 | |||||||
Earnings, as defined: | |||||||||||||||||||||
Net Income | $ | 3,297 | $ | 2,617 | $ | 46,465 | $ | 50,692 | $ | 70,270 | $ | 71,080 | $ | 74,497 | |||||||
Taxes on Income | 1,763 | 1,476 | 27,464 | 29,939 | 41,585 | 41,687 | 44,060 | ||||||||||||||
Fixed Charges, as above | 9,513 | 10,058 | 19,558 | 19,801 | 40,401 | 41,844 | 40,644 | ||||||||||||||
Total Earnings, as defined | $ | 14,573 | $ | 14,151 | $ | 93,487 | $ | 100,432 | $ | 152,256 | $ | 154,611 | $ | 159,201 | |||||||
Ratio of Earnings to Fixed Charges | 1.53 | 1.41 | 4.78 | 5.07 | 3.77 | 3.69 | 3.92 | ||||||||||||||
* | A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratio of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year. |