EXHIBIT 11
NORTHWEST NATURAL GAS COMPANY
Statement re: Computation of Per Share Earnings
(Thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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1999 1998 1999 1998
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Earnings Applicable to Common Stock ...... $ (4,183) $ (6,558) $ 29,374 $ 19,420
Debenture Interest Less Taxes ....... 105 110 315 330
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Net Income Available for Diluted Common
Stock .................................. $ (4,078) $ (6,448) $ 29,689 $ 19,750
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Average Common Shares Outstanding ........ 25,007 24,763 24,946 24,037
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Stock Options ....................... 31 36 15 40
Convertible Debentures .............. 476 500 476 500
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Diluted Common Shares .................... 25,514 25,299 25,437 24,577
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Diluted Earnings per Share of
Common Stock ........................ $ (0.17) $ (0.26) $ 1.17 $ 0.80
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