EXHIBIT (12)
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1997 - December 31, 2001
(Thousands, except ratio amounts)
(Unaudited)
Year Ended December 31
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1997 1998 1999 2000 2001
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Fixed Charges, as Defined:
Interest on Long-Term Debt $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 30,224
Other Interest 4,500 4,909 2,778 3,628 3,772
Amortization of Debt
Discount and Expense 730 714 699 735 768
Interest Portion of
Rentals 2,111 1,986 1,707 1,628 1,572
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Total Fixed Charges, as defined $ 32,245 $ 34,998 $ 32,912 $ 35,978 $ 36,336
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Earnings, as Defined:
Net Income $ 43,059 $ 27,301 $ 45,296 $ 50,224 $ 50,187
Taxes on Income 21,034 14,604 24,591 26,829 27,553
Fixed Charges, as above 32,245 34,998 32,912 35,978 36,336
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Total Earnings, as defined $ 96,338 $ 76,903 $ 102,799 $ 113,031 $ 114,076
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Ratio of Earnings to Fixed
Charges 2.99 2.20 3.12 3.14 3.14
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