EX-12 5 ex12.txt STATEMENT RE RATIO EARNINGS EXHIBIT (12) NORTHWEST NATURAL GAS COMPANY Computation of Ratio of Earnings to Fixed Charges January 1, 1998 - December 31, 2002 (Thousands, except ratio amounts) (Unaudited)
Year Ended December 31 --------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 Fixed Charges, as Defined: Interest on Long-Term Debt $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 32,264 Other Interest 4,909 2,778 3,628 3,772 1,620 Amortization of Debt Discount and Expense 714 699 735 768 799 Interest Portion of Rentals 1,986 1,707 1,628 1,572 1,578 --------- --------- --------- --------- -------- Total Fixed Charges, as defined 34,998 32,912 35,978 36,336 36,261 ========= ========= ========= ========= ======== Earnings, as Defined: Net Income $ 27,301 $ 45,296 $ 50,224 $ 50,187 $ 43,792 Taxes on Income 14,604 24,591 26,829 27,553 23,444 Fixed Charges, as above 34,998 32,912 35,978 36,336 36,261 --------- --------- --------- --------- -------- Total Earnings, as defined $ 76,903 $ 102,799 $ 113,031 $ 114,076 $103,497 ========= ========= ========= ========= ======== Ratio of Earnings to Fixed Charges 2.20 3.12 3.14 3.14 2.85 ========= ========= ========= ========= ========