EX-12 2 dex1.htm STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES dex1.htm
EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY
Statement Re:  Ratio of Earnings to Fixed Charges
Thousands, except per share amounts
(Unaudited)



   
Year Ended December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Fixed Charges, as defined:
                              
Interest on Long-Term Debt
   $ 37,447     $ 33,605     $ 34,294     $ 34,651     $ 34,330  
Other Interest
     1,937       4,022       4,116       4,648       2,665  
Amortization of Debt Discount and Expense
     1,503       700       711       716       808  
Interest Portion of Rentals
     1,735       1,551       1,523       1,465       1,357  
Total Fixed Charges, as defined
   $ 42,622     $ 39,878     $ 40,644     $ 41,480     $ 39,160  
Earnings, as defined:
                                        
Net Income
   $ 75,122     $ 69,525     $ 74,497     $ 63,415     $ 58,149  
Taxes on Income
     46,671       40,678       44,060       36,234       32,720  
Fixed Charges, as above
     42,622       39,878       40,644       41,480       39,160  
Total Earnings, as defined
   $ 164,415     $ 150,081     $ 159,201     $ 141,129     $ 130,029  
Ratio of Earnings to Fixed Charges
     3.86       3.76       3.92       3.40       3.32