EX-12 2 nwn-2012x930x10qxexhibit12.htm EXHIBIT 12 FIXED CHARGES NWN-2012-9.30-10Q-Exhibit 12

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTHWEST NATURAL GAS COMPANY 
 
 
Ratio of Earnings to Fixed Charges 
 
 
Thousands, except per share amount 
 
 
(Unaudited) 
 
 
 
 
 
 
 
 
 
 
 
 
 
12 Months
 
Nine Months
 
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Ended
 
 
 
Year Ended December 31,
 
Sept. 30,
 
Sept. 30,
 
 
 
2011
 
2010
 
2009
 
2008
 
2007
 
2012
 
2012
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Interest on Long-Term Debt
$
37,515

 
$
39,198

 
$
37,447

 
$
33,605

 
$
34,294

 
$
39,057

 
$
29,293

 
Other Interest
2,976

 
1,587

 
1,937

 
4,022

 
4,116

 
3,381

 
1,626

 
Amortization of Debt Discount and Expense
1,729

 
1,766

 
1,503

 
700

 
711

 
1,827

 
1,386

 
Interest Portion of Rentals
2,213

 
2,130

 
1,735

 
1,551

 
1,523

 
2,252

 
1,306

 
Total Fixed Charges, as defined
$
44,433

 
$
44,681

 
$
42,622

 
$
39,878

 
$
40,644

 
$
46,517

 
$
33,611

Earnings, as defined:

 

 

 

 

 

 

 
Net Income
$
63,898

 
$
72,667

 
$
75,122

 
$
69,525

 
$
74,497

 
$
60,702

 
$
31,458

 
Taxes on Income
43,382

 
49,462

 
46,671

 
40,678

 
44,060

 
45,636

 
25,724

 
Fixed Charges, as above
44,433

 
44,681

 
42,622

 
39,878

 
40,644

 
46,517

 
33,611

 
Total Earnings, as defined
$
151,713

 
$
166,810

 
$
164,415

 
$
150,081

 
$
159,201

 
$
152,855

 
$
90,793

Ratio of Earnings to Fixed Charges
3.41

 
3.73

 
3.86

 
3.76

 
3.92

 
3.29

 
2.70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
(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.