EXHIBIT 11
NORTHWEST NATURAL GAS COMPANY
Statement Re: Computation of Per Share Earnings
(Thousands, except per share amounts)
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
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1995 1994 1995 1994
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Earnings (Loss) Applicable to
Common Stock $(5,038) $(4,520) $16,097 $15,228
Preference Stock Dividends - 37 - 112
Debenture Interest Less Taxes 133 135 400 404
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Net Income (Loss) Available for
Fully-Diluted Common Stock $(4,905) $(4,348) $16,497 $15,744
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Average Common Shares Outstanding 14,760 13,322 14,459 13,267
Stock Options 8 19 7 19
Convertible Preference Stock - 104 - 104
Convertible Debentures 404 408 404 408
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Fully-Diluted Common Shares 15,172 13,853 14,870 13,798
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Fully-Diluted Earnings (Loss)Per
Share of Common Stock $(0.32)* $(0.31)* $1.11 $1.14
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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.