EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1997 - September 30, 2002
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
Nine
12 Months Months
Ended Ended
Year Ended December 31, Sept. 30, Sept. 30,
1997 1998 1999 2000 2001 2002 2002*
--------------------------------------------------------- --------- ---------
Fixed Charges, as Defined:
Interest on Long-Term Debt $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 31,367 $ 23,938
Other Interest 4,500 4,909 2,778 3,628 3,772 3,226 1,236
Amortization of Debt
Discount and Expense 730 714 699 735 768 795 610
Interest Portion of
Rentals 2,111 1,986 1,707 1,628 1,572 1,535 1,149
-------- -------- --------- --------- --------- --------- ---------
Total Fixed Charges, as
defined $ 32,245 $ 34,998 32,912 35,978 36,336 36,923 26,933
======== ======== ========= ========= ========= ========= =========
Earnings, as Defined:
Net Income $ 43,059 $ 27,301 45,296 50,224 50,187 49,838 25,447
Taxes on Income 21,034 14,604 24,591 26,829 27,553 27,472 13,930
Fixed Charges, as above 32,245 34,998 32,912 35,978 36,336 36,923 26,933
-------- -------- --------- --------- --------- --------- ---------
Total Earnings, as defined $ 96,338 $ 76,903 $ 102,799 $ 113,031 $ 114,076 $ 114,233 $ 66,310
======== ======== ========= ========= ========= ========= =========
Ratio of Earnings to Fixed
Charges 2.99 2.20 3.12 3.14 3.14 3.09 2.46
======== ======== ========= ========= ========= ========= =========
* A significant part of the business of the Company is of a seasonal nature;
therefore, the ratio of earnings to fixed charges for the interim period is not
necessarily indicative of the results for a full year.