EXHIBIT (12)
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1998 - March 31, 2003
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
12 Months 3 Months
Year Ended December 31, Ended Ended
---------------------------------------------------------- March 31, March 31,
1998 1999 2000 2001 2002 2003 2003*
---------------------------------------------------------- -----------------------
Fixed Charges, as Defined:
Interest on Long-Term Debt $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 32,264 $ 33,218 $ 8,297
Other Interest 4,909 2,778 3,628 3,772 1,620 1,462 611
Amortization of Debt
Discount and Expense 714 699 735 768 799 799 185
Interest Portion of
Rentals 1,986 1,707 1,628 1,572 1,578 1,606 421
-------- -------- -------- -------- -------- -------- --------
Total Fixed Charges, as
defined $ 34,998 $ 32,912 $ 35,978 $ 36,336 $ 36,261 $ 37,085 $ 9,514
========= ======== ======== ======== ======== ======== ========
Earnings, as Defined:
Net Income $ 27,301 $ 45,296 $ 50,224 $ 50,187 $ 43,792 $ 35,749 $ 26,404
Taxes on Income 14,604 24,591 26,829 27,553 23,444 17,829 14,600
Fixed Charges, as above 34,998 32,912 35,978 36,336 36,261 37,085 9,514
-------- -------- -------- -------- -------- -------- --------
Total Earnings, as defined $ 76,903 $102,799 $113,031 $114,076 $103,497 $ 90,663 $ 50,518
========= ======== ======== ======== ======== ======== ========
Ratio of Earnings to Fixed
Charges 2.20 3.12 3.14 3.14 2.85 2.44 5.31
========= ======== ======== ======== ======== ======== ========
* 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.