EXHIBIT 12
Northwest Natural Gas Company
Computation of Ratio of Earnings to Fixed Charges
January 1, 1989 - March 31, 1994
($000)
Twelve
------------Year Ended December 31---------- Months Ended
March 31,
1989 1990 1991 1992 1993 1994
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Fixed Charges, as defined:
Interest on Long-Term Debt . $19,344 $22,244 $21,977 $23,001 $22,578 $22,244
Other Interest . . . . . . . 4,011 2,853 4,266 3,223 1,906 2,028
Amortization of Debt
Discount and Expense. . . . 401 363 348 511 775 853
Interest Portion of
Rentals . . . . . . . . . . 1,235 1,546 1,485 1,439 1,701 1,700
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Total Fixed Charges,
as defined. . . . . . . . . $24,991 $27,006 $28,076 $28,174 $26,960 $26,825
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Earnings, as defined:
Net Income . . . . . . . . . $28,420 $30,724 $14,377 $15,775 $37,647 $31,774
Taxes on Income. . . . . . . 15,366 13,629 2,321 6,951 22,096 20,342
Fixed Charges, as above. . . 24,991 27,006 28,076 28,174 26,960 26,825
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Total Earnings, as defined . $68,777 $71,359 $44,774 $50,900 $86,703 $78,941
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Ratio of Earnings to
Fixed Charges . . . . . . . . 2.75 2.64 1.59 1.81 3.22 2.94
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