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


NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2004 – June 30, 2009
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)


                     
12 Months
  
Six Months(1)
                     
Ended
  
Ended
 
Year Ended December 31,
  
June 30,
  
June 30,
 
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
  
 $34,533
  
 $17,799
Other Interest
 4,022
  
 4,116
  
 4,648
  
 2,665
  
 2,184
  
 3,578
  
 1,120
Amortization of Debt
                          
    Discount and Expense
 700
  
 711
  
 716
  
 808
  
 773
  
 965
  
 616
Interest Portion of Rentals
 1,551
  
 1,523
  
 1,465
  
 1,357
  
 1,489
  
 1,646
  
 867
Total Fixed Charges, as defined
 $39,878
  
 $40,644
  
 $41,480
  
 $39,160
  
 $38,222
  
 $40,722
  
 $20,402
Earnings, as defined:
                          
Net Income
 $69,525
  
 $74,497
  
 $63,415
  
 $58,149
  
 $50,572
  
 $73,509
  
 $50,449
Taxes on Income
 40,678
  
 44,060
  
 36,234
  
 32,720
  
 26,531
  
 43,493
  
 30,279
Fixed Charges, as above
 39,878
  
 40,644
  
 41,480
  
 39,160
  
 38,222
  
 40,722
  
 20,402
Total Earnings, as defined
 $150,081
  
 $159,201
  
 $141,129
  
 $130,029
  
 $115,325
  
 $157,724
  
 $101,130
Ratio of Earnings to Fixed Charges
 3.76
  
 3.92
  
 3.40
  
 3.32
  
 3.02
  
 3.87
  
 4.96

 
(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.