EX-12 6 exh_12.txt COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12 NORTHWEST NATURAL GAS COMPANY Computation of Ratio of Earnings to Fixed Charges January 1, 1997 - September 30, 2002 (Thousands, except ratio of earnings to fixed charges) (Unaudited)
Nine 12 Months Months Ended Ended Year Ended December 31, Sept. 30, Sept. 30, 1997 1998 1999 2000 2001 2002 2002* --------------------------------------------------------- --------- --------- Fixed Charges, as Defined: Interest on Long-Term Debt $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 31,367 $ 23,938 Other Interest 4,500 4,909 2,778 3,628 3,772 3,226 1,236 Amortization of Debt Discount and Expense 730 714 699 735 768 795 610 Interest Portion of Rentals 2,111 1,986 1,707 1,628 1,572 1,535 1,149 -------- -------- --------- --------- --------- --------- --------- Total Fixed Charges, as defined $ 32,245 $ 34,998 32,912 35,978 36,336 36,923 26,933 ======== ======== ========= ========= ========= ========= ========= Earnings, as Defined: Net Income $ 43,059 $ 27,301 45,296 50,224 50,187 49,838 25,447 Taxes on Income 21,034 14,604 24,591 26,829 27,553 27,472 13,930 Fixed Charges, as above 32,245 34,998 32,912 35,978 36,336 36,923 26,933 -------- -------- --------- --------- --------- --------- --------- Total Earnings, as defined $ 96,338 $ 76,903 $ 102,799 $ 113,031 $ 114,076 $ 114,233 $ 66,310 ======== ======== ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 2.99 2.20 3.12 3.14 3.14 3.09 2.46 ======== ======== ========= ========= ========= ========= =========
* 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.