EX-12 5 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 – September 30, 2010
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)


                                 
12 Months
    
Nine Months(1)
  
                                 
Ended
    
Ended
  
   
Year Ended December 31,
    
Sept. 30,
    
Sept. 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     $ 39,402     $ 29,548  
Other Interest
     1,937       4,022       4,116       4,648       2,665       1,437       1,033  
Amortization of Debt
                                                        
Discount and Expense
     1,503       700       711       716       808       1,773       1,330  
Interest Portion of Rentals
     1,735       1,551       1,523       1,465       1,357       1,625       1,210  
Total Fixed Charges, as defined
   $ 42,622     $ 39,878     $ 40,644     $ 41,480     $ 39,160     $ 44,237     $ 33,121  
Earnings, as defined:
                                                        
Net Income
   $ 75,122     $ 69,525     $ 74,497     $ 63,415     $ 58,149     $ 74,482     $ 43,076  
Taxes on Income
     46,671       40,678       44,060       36,234       32,720       48,942       29,119  
Fixed Charges, as above
     42,622       39,878       40,644       41,480       39,160       44,237       33,121  
Total Earnings, as defined
   $ 164,415     $ 150,081     $ 159,201     $ 141,129     $ 130,029     $ 167,661     $ 105,316  
Ratio of Earnings to Fixed Charges
     3.86       3.76       3.92       3.40       3.32       3.79       3.18  
                                                         
(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.