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


NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2005 – June 30, 2010
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)


                                 
12 Months
    
Six Months(1)
  
                                 
Ended
    
Ended
  
   
Year Ended December 31,
    
June 30,
    
June 30,
  
   
2009
    
2008
    
2007
    
2006
    
2005
    
2010
    
2010
  
Fixed Charges, as defined:
                                          
Interest on Long-Term Debt
   $ 37,447     $ 33,605     $ 34,294     $ 34,651     $ 34,330     $ 39,341     $ 19,693  
Other Interest
     1,937       4,022       4,116       4,648       2,665       1,455       638  
Amortization of Debt
                                                        
Discount and Expense
     1,503       700       711       716       808       1,774       887  
Interest Portion of Rentals
     1,735       1,551       1,523       1,465       1,357       1,695       827  
Total Fixed Charges, as defined
   $ 42,622     $ 39,878     $ 40,644     $ 41,480     $ 39,160     $ 44,265     $ 22,045  
Earnings, as defined:
                                                        
Net Income
   $ 75,122     $ 69,525     $ 74,497     $ 63,415     $ 58,149     $ 75,169     $ 50,496  
Taxes on Income
     46,671       40,678       44,060       36,234       32,720       50,754       34,362  
Fixed Charges, as above
     42,622       39,878       40,644       41,480       39,160       44,265       22,045  
Total Earnings, as defined
   $ 164,415     $ 150,081     $ 159,201     $ 141,129     $ 130,029     $ 170,188     $ 106,903  
Ratio of Earnings to Fixed Charges
     3.86       3.76       3.92       3.40       3.32       3.84       4.85  
                                                         
(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.