EX-12 7 exhibit12.txt EXHIBIT 12 EXHIBIT 12 NORTHWEST NATURAL GAS COMPANY Computation of Ratio of Earnings to Fixed Charges January 1, 1996 - June 30, 2001 (Thousands, except ratio of earnings to fixed charges) (Unaudited)
Six Months 12 Months Year Ended December 31, Ended Ended ----------------------------------------------------- June 30, June 30, 1996 1997 1998 1999 2000 2001* 2001 --------- --------- --------- --------- --------- --------- --------- Fixed Charges, as Defined: Interest on Long-Term Debt $ 23,176 $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 15,049 $ 30,116 Other Interest 3,448 4,500 4,909 2,778 3,628 1,157 3,315 Amortization of Debt Discount and Expense 865 730 714 699 735 394 767 Interest Portion of Rentals 1,798 2,111 1,986 1,707 1,628 849 1,663 --------- --------- --------- --------- --------- --------- --------- Total Fixed Charges, as defined $ 29,287 $ 32,245 $ 34,998 $ 32,912 $ 35,978 $ 17,449 $ 35,861 ========= ========= ========= ========= ========= ========= ========= Earnings, as Defined: Net Income $ 46,793 $ 43,059 $ 27,301 $ 45,296 $ 50,224 $ 30,772 $ 46,871 Taxes on Income 27,347 21,034 14,604 24,591 26,829 17,615 26,727 Fixed Charges, as above 29,287 32,245 34,998 32,912 35,978 17,449 35,861 --------- --------- --------- --------- --------- --------- --------- Total Earnings, as defined $ 103,427 $ 96,338 $ 76,903 $ 102,799 $ 113,031 $ 65,836 $ 109,459 ========= ========= ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 3.53 2.99 2.20 3.12 3.14 3.77 3.05 ========= ========= ========= ========= ========= ========= =========
* A significant part of the business of the Company is of a seasonal nature; therefore, the ratio of earnings to fixed charges for the interim period is not necessarily indicative of the results for a full year.