EXHIBIT 11
NORTHWEST NATURAL GAS COMPANY
Statement Re: Computation of Per Share Earnings
(Thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
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Earnings Applicable to Common Stock $1,708 $1,905 $19,748 $25,602
Preference Stock Dividends 38 40 75 81
Debenture Interest Less Taxes 135 150 271 298
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Net Income Available for Fully-
Diluted Common Stock $1,881 $2,095 $20,094 $25,981
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Average Common Shares Outstanding 13,270 13,048 13,239 13,023
Stock Options 18 29 21 29
Convertible Preference Stock 105 112 105 112
Convertible Debentures 409 445 409 445
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Fully-Diluted Common Shares 13,802 13,634 13,774 13,609
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Fully-Diluted Earnings Per Share
of Common Stock $0.14* $0.15 $1.46 $1.91
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*Anti-dilutive
Note: Primary earnings per share are computed on the weighted daily average
number of common shares outstanding each period. Outstanding stock options
are common stock equivalents but are excluded from primary earnings per share
computations due to immateriality.