EXHIBIT 11 NORTHWEST NATURAL GAS COMPANY Statement Re: Computation of Per Share Earnings (Thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ------------------ 1995 1994 ------- ------- Earnings Applicable to Common Stock. . . . . . . $18,317 $18,040 Preference Stock Dividends . . . . . . . . . . 25 39 Debenture Interest Less Taxes. . . . . . . . . 134 136 ------- ------- Net Income Available for Fully-Diluted Common Stock. . . . . . . . . . . . . . . . . . $18,476 $18,215 ======= ======= Average Common Shares Outstanding. . . . . . . . 13,916 13,209 Stock Options. . . . . . . . . . . . . . . . . 9 23 Convertible Preference Stock . . . . . . . . . 70 107 Convertible Debentures . . . . . . . . . . . . 404 413 ------- ------- Fully-Diluted Common Shares. . . . . . . . . . . 14,399 13,752 ======= ======= Fully-Diluted Earnings Per Share of Common Stock . . . . . . . . . . . . . . . . . . . . . $1.28 $1.32 ======= ======= 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.