EX-12 2 nwn-2013x630x10qxexhibit12.htm EXHIBIT 12 FIXED CHARGES NWN-2013-6.30-10Q-Exhibit 12

EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY  
Ratios of Earnings to Fixed Charges
(Unaudited) 
 
Year Ended December 31,
 
12 Months Ended June 30,
 
Six Months(1) Ended June 30,
In thousands, except share data
2012
 
2011
 
2010
 
2009
 
2008
 
2013
 
2013
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on Long-Term Debt
$
39,175

 
$
37,515

 
$
39,198

 
$
37,447

 
$
33,605

 
$
39,497

 
$
20,070

Other Interest
2,314

 
2,976

 
1,587

 
1,937

 
4,022

 
2,824

 
1,307

Amortization of Debt Discount and Expense
1,848

 
1,729

 
1,766

 
1,503

 
700

 
1,848

 
927

Interest Portion of Rentals
1,864

 
2,213

 
2,130

 
1,735

 
1,551

 
1,775

 
938

Total Fixed Charges, as defined
45,201

 
44,433

 
44,681

 
42,622

 
39,878

 
45,944

 
23,242

Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income(2)
58,779

 
63,044

 
72,013

 
74,632

 
69,160

 
57,033

 
39,765

Taxes on Income(2)
43,403

 
42,825

 
49,033

 
46,349

 
40,438

 
42,270

 
27,298

Fixed Charges, as above
45,201

 
44,433

 
44,681

 
42,622

 
39,878

 
45,944

 
23,242

Total Earnings, as defined(2)
$
147,383

 
$
150,302

 
$
165,727

 
$
163,603

 
$
149,476

 
$
145,247

 
$
90,305

Ratios of Earnings to Fixed Charges(2)
3.26

 
3.38

 
3.71

 
3.84

 
3.75

 
3.16

 
3.89


(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.  
(2) Prior period balances have been adjusted for a prior period error identified during the first quarter of 2013. See Note 14 for additional detail on this error.