EXHIBIT (12)
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1998 - December 31, 2002
(Thousands, except ratio amounts)
(Unaudited)
Year Ended December 31
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1998 1999 2000 2001 2002
Fixed Charges, as Defined:
Interest on Long-Term Debt $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 32,264
Other Interest 4,909 2,778 3,628 3,772 1,620
Amortization of Debt
Discount and Expense 714 699 735 768 799
Interest Portion of Rentals 1,986 1,707 1,628 1,572 1,578
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Total Fixed Charges, as defined 34,998 32,912 35,978 36,336 36,261
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Earnings, as Defined:
Net Income $ 27,301 $ 45,296 $ 50,224 $ 50,187 $ 43,792
Taxes on Income 14,604 24,591 26,829 27,553 23,444
Fixed Charges, as above 34,998 32,912 35,978 36,336 36,261
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Total Earnings, as defined $ 76,903 $ 102,799 $ 113,031 $ 114,076 $103,497
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Ratio of Earnings to Fixed Charges 2.20 3.12 3.14 3.14 2.85
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