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,
------------------ -----------------
1996 1995 1996 1995
------ ------ ------- -------
Earnings Applicable to
Common Stock $4,823 $2,818 $27,488 $21,135
Debenture Interest Less Taxes 127 133 254 267
------ ------ ------- -------
Net Income Available for
Fully-Diluted Common Stock $4,950 $2,951 $27,742 $21,402
====== ====== ======= =======
Average Common Shares Outstanding 14,895 14,700 14,872 14,308
Stock Options 22 9 22 9
Convertible Preference Stock - - - -
Convertible Debentures 385 404 385 404
------ ------ ------- -------
Fully-Diluted Common Shares 15,302 15,113 15,279 14,721
====== ====== ======= =======
Fully-Diluted Earnings Per
Share of Common Stock $0.32 $0.20* $1.82 $1.45
====== ====== ======= =======
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.
*Anti-dilutive