EXHIBIT (11)
NORTHWEST NATURAL GAS COMPANY
Statement Re: Computation of Per Share Earnings
(Thousands, except per share amounts)
(Unaudited)
12 Months Ended December 31,
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2002 2001 2000
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Earnings Applicable to Common Stock $ 41,512 $ 47,786 $ 47,768
Debenture Interest Less Taxes 285 370 389
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Net Income Available for Diluted Common
Stock $ 41,797 $ 48,156 $ 48,157
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Average Common Shares Outstanding 25,431 25,159 25,183
Stock Options 59 32 13
Convertible Debentures 324 421 442
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Diluted Common Shares 25,814 25,612 25,638
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Diluted Earnings per Share of Common Stock $1.62 $1.88 $1.88
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