EX-12 3 ex12q22018.htm EXHIBIT 12 Exhibit
EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY  
Ratios of Earnings to Fixed Charges  
(unaudited) 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended
 
Six Months Ended
 
 
Year Ended December 31,
 
June 30,
 
June 30,
In thousands, except share data
 
2017
 
2016
 
2015
 
2014
 
2013
 
2018
 
2018
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on Long-Term Debt
 
$
36,809

 
$
34,508

 
$
37,918

 
$
40,066

 
$
40,825

 
36,720

 
$
18,378

Other Interest
 
2,274

 
3,404

 
3,173

 
2,718

 
2,709

 
2,604

 
1,379

Amortization of Debt Discount and Expense
 
2,017

 
1,671

 
1,760

 
1,963

 
1,877

 
2,032

 
1,017

Capitalized Interest
 
2,598

 
—

 
—

 
—

 
—

 
4,846

 
2,248

Interest Portion of Rentals
 
2,574

 
2,048

 
1,976

 
2,302

 
1,910

 
2,291

 
1,006

Total Fixed Charges, as defined
 
$
46,272

 
$
41,631

 
$
44,827

 
$
47,049

 
$
47,321

 
48,493

 
$
24,028

Earnings, as defined:
 
 
 

 

 

 

 

 

Net Income from continuing operations(1)
 
$
72,073

 
$
62,419

 
$
60,026

 
$
66,006

 
$
61,970

 
$
68,273

 
$
41,672

Taxes on Income from continuing operations(1)
 
41,008

 
43,011

 
39,907

 
46,268

 
42,787

 
26,306

 
15,476

Fixed Charges, as above
 
46,272

 
41,631

 
44,827

 
47,049

 
47,321

 
48,493

 
24,028

Total Earnings, as defined
 
$
159,353

 
$
147,061

 
$
144,760

 
$
159,323

 
$
152,078

 
$
143,072

 
$
81,176

Ratios of Earnings to Fixed Charges
 
3.44

 
3.53

 
3.23

 
3.39

 
3.21

 
2.95

 
3.38


(1) Net income from continuing operations and taxes on income from continuing operations exclude income and taxes related to discontinued operations, respectively.