EX-12 5 nwn-2014x331x10qxexhibit12.htm EXHIBIT 12 FIXED CHARGES NWN-2014-3.31-10Q-Exhibit 12

EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY  
Ratios of Earnings to Fixed Charges
(Unaudited) 
 
Year Ended December 31,
 
12 Months Ended March 31,
 
Three Months(1) Ended March 31,
In thousands, except share data
2013
 
2012
 
2011
 
2010
 
2009
 
2014
 
2014
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on Long-Term Debt
$
40,825

 
$
39,175

 
$
37,515

 
$
39,198

 
$
37,447

 
$
41,258

 
$
10,466

Other Interest
2,709

 
2,314

 
2,976

 
1,587

 
1,937

 
2,662

 
633

Amortization of Debt Discount and Expense
1,877

 
1,848

 
1,729

 
1,766

 
1,503

 
1,893

 
479

Interest Portion of Rentals
1,910

 
1,864

 
2,213

 
2,130

 
1,735

 
1,967

 
514

Total Fixed Charges, as defined
47,321

 
45,201

 
44,433

 
44,681

 
42,622

 
47,780

 
12,092

Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
60,538

 
58,779

 
63,044

 
72,013

 
74,632

 
60,783

 
37,884

Taxes on Income
41,705

 
43,403

 
42,825

 
49,033

 
46,349

 
42,730

 
26,985

Fixed Charges, as above
47,321

 
45,201

 
44,433

 
44,681

 
42,622

 
47,780

 
12,092

Total Earnings, as defined
$
149,564

 
$
147,383

 
$
150,302

 
$
165,727

 
$
163,603

 
$
151,293

 
$
76,961

Ratios of Earnings to Fixed Charges(2)
3.16

 
3.26

 
3.38

 
3.71

 
3.84

 
3.17

 
6.36


(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.