EX-12 2 ex12.htm EXHIBIT 12 - EARNINGS TO FIXED CHARGES ex12.htm

EXHIBIT 12


NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2004 – March 31, 2009
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)



                               
                         
12 Months
  
Three Months(1)
                         
Ended
  
Ended
     
Year Ended December 31,
  
March 31,
  
March 31,
     
2008
  
2007
  
2006
  
2005
  
2004
  
2009
  
2009
Fixed Charges, as defined:
                            
 
Interest on Long-Term Debt
  
 $33,605
  
 $34,294
  
 $34,651
  
 $34,330
  
 $33,776
  
 $33,600
  
 $8,430
 
Other Interest
  
 4,022
  
 4,116
  
 4,648
  
 2,665
  
 2,184
  
 3,796
  
 816
 
Amortization of Debt
                            
 
    Discount and Expense
  
 700
  
 711
  
 716
  
 808
  
 773
  
 719
  
 194
 
Interest Portion of Rentals
  
 1,551
  
 1,523
  
 1,465
  
 1,357
  
 1,489
  
 1,565
  
 407
 
Total Fixed Charges, as defined
  
 $39,878
  
 $40,644
  
 $41,480
  
 $39,160
  
 $38,222
  
 $39,680
  
 $9,847
Earnings, as defined:
                            
 
Net Income
  
 $69,525
  
 $74,497
  
 $63,415
  
 $58,149
  
 $50,572
  
 $73,720
  
 $47,363
 
Taxes on Income
  
 40,678
  
 44,060
  
 36,234
  
 32,720
  
 26,531
  
 43,805
  
 28,828
 
Fixed Charges, as above
  
 39,878
  
 40,644
  
 41,480
  
 39,160
  
 38,222
  
 39,680
  
 9,847
 
Total Earnings, as defined
  
 $150,081
  
 $159,201
  
 $141,129
  
 $130,029
  
 $115,325
  
 $157,205
  
 $86,038
Ratio of Earnings to Fixed Charges
 3.76
  
 3.92
  
 3.40
  
 3.32
  
 3.02
  
 3.96
  
 8.74

(1) A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratios of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year.