Northwest Natural Holding 10-Q 2008 Q3 Quarterly report

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 2007 – September 30, 2008

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

	9 Months* ended Sept. 30,				12 Months ended
					Sept. 30,				Dec. 31
	2008		2007		2008		2007		2007
Fixed Charges, as defined:
Interest on Long-Term Debt	$	25,251	$	25,859	$	33,686	$	34,503	$	34,294
Other Interest		2,473		2,690		3,899		5,608		4,116
Amortization of Debt Discount and Expense		525		536		700		715		711
Interest Portion of Rentals		1,163		1,134		1,552		1,495		1,523
Total Fixed Charges, as defined	$	29,412	$	30,219	$	39,837	$	42,321	$	40,644
Earnings, as defined:
Net Income	$	36,345	$	44,784	$	66,058	$	74,896	$	74,497
Taxes on Income		21,199		26,178		39,081		43,759		44,060
Fixed Charges, as above		29,412		30,219		39,837		42,321		40,644
Total Earnings, as defined	$	86,956	$	101,181	$	144,976	$	160,976	$	159,201
Ratio of Earnings to Fixed Charges		2.96		3.35		3.64		3.80		3.92

* A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratios of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year.