EXHIBIT (11)
NORTHWEST NATURAL GAS COMPANY
Statement re: Computation of Per Share Earnings
(Unaudited)
Three Months Nine Months
Ended Ended
Thousands, except per share amounts Sept. 30 Sept. 30
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2003 2002 2003 2002
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Earnings (loss) applicable to common
stock $(6,546) $(6,590) $24,026 $23,680
Debenture interest less taxes 70 72 209 217
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Net income (loss) available for
diluted common stock $(6,476) $(6,518) $24,235 $23,897
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Average common shares outstanding 25,777 25,492 25,692 25,389
Stock options 43 66 28 60
Convertible debentures 316 328 316 328
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Diluted common shares 26,136 25,886 26,036 25,777
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Diluted earnings (loss) per share
of common stock $ (0.25) $ (0.26) $ 0.93 $ 0.93
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For the three months ended Sept. 30, 2003 and 2002 there were no shares
attributable to outstanding stock options excluded from the calculation of
diluted earnings (loss) per share. For the nine months ended Sept. 30, 2003 and
2002, 83,000 shares and 82,500 shares, respectively, attributable to outstanding
stock options were excluded from the calculation of diluted earnings per share
because the effect was antidilutive.