EXHIBIT 12 Northwest Natural Gas Company Computation of Ratio of Earnings to Fixed Charges January 1, 1990 - March 31, 1995 ($000) Twelve ------------Year Ended December 31---------- Months Ended March 31, 1990 1991 1992 1993 1994 1995 ---- ---- ---- ---- ---- ----------- Fixed Charges, as defined: Interest on Long-Term Debt . . . $22,244 $21,977 $23,001 $22,578 $21,921 $22,324 Other Interest . . . . . . . . . 2,853 4,266 3,223 1,906 2,473 2,513 Amortization of Debt Discount and Expense. . . . . . 363 348 511 775 850 847 Interest Portion of Rentals . . . . . . . . . . . . 1,546 1,485 1,439 1,701 1,697 1,697 ------- ------- ------- ------- ------- ------- Total Fixed Charges, as defined . . . . . . . . . $27,006 $28,076 $28,174 $26,960 $26,941 $27,381 ======= ======= ======= ======= ======= ======= Earnings, as defined: Net Income . . . . . . . . . . . $30,724 $14,377 $15,775 $37,647 $35,461 $35,733 Taxes on Income. . . . . . . . . 13,629 2,321 6,951 22,096 20,473 20,251 Fixed Charges, as above. . . . . 27,006 28,076 28,174 26,960 26,941 27,381 ------- ------- ------- ------- ------- ------- Total Earnings, as defined . . . $71,359 $44,774 $50,900 $86,703 $82,875 $83,365 ======= ======= ======= ======= ======= ======= Ratio of Earnings to Fixed Charges . . . . . . . . . . 2.64 1.59 1.81 3.22 3.08 3.04 ==== ==== ==== ==== ==== ====