EX-12 4 ex12.htm EXHIBIT 12 RATIOS OF EARNINGS TO FIXED CHARGES ex12 2013

EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY  
Ratios of Earnings to Fixed Charges  
(Unaudited) 
 
Year Ended December 31,
In thousands, except share data
2013
 
2012
 
2011
 
2010
 
2009
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
Interest on Long-Term Debt
$
40,825

 
$
39,175

 
$
37,515

 
$
39,198

 
$
37,447

Other Interest
2,709

 
2,314

 
2,976

 
1,587

 
1,937

Amortization of Debt Discount and Expense
1,877

 
1,848

 
1,729

 
1,766

 
1,503

Interest Portion of Rentals
1,910

 
1,864

 
2,213

 
2,130

 
1,735

Total Fixed Charges, as defined
47,321

 
45,201

 
44,433

 
44,681

 
42,622

Earnings, as defined:
 
 

 

 

 

Net Income(1)
60,538

 
58,779

 
63,044

 
72,013

 
74,632

Taxes on Income(1)
41,705

 
43,403

 
42,825

 
49,033

 
46,349

Fixed Charges, as above
47,321

 
45,201

 
44,433

 
44,681

 
42,622

Total Earnings, as defined
$
149,564

 
$
147,383

 
$
150,302

 
$
165,727

 
$
163,603

Ratios of Earnings to Fixed Charges
3.16

 
3.26

 
3.38

 
3.71

 
3.84


(1) Prior period balances have been adjusted for a prior period error identified during the first quarter of 2013. See Note 16 for additional detail on this error.