EX-12 5 exh12.txt STATEMENT - COMPUTATION OF RATIOS EXHIBIT (12)
NORTHWEST NATURAL GAS COMPANY Computation of Ratio of Earnings to Fixed Charges January 1, 1998 - June 30, 2003 (Thousands, except ratio of earnings to fixed charges) (Unaudited) 12 Months Six Months Year Ended December 31, Ended Ended ---------------------------------------------------------- June 30, June 30, 1998 1999 2000 2001 2002 2003 2003* ---------------------------------------------------------- ----------------------- Fixed Charges, as Defined: Interest on Long-Term Debt $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 32,264 $ 33,730 $ 17,187 Other Interest 4,909 2,778 3,628 3,772 1,620 1,625 870 Amortization of Debt Discount and Expense 714 699 735 768 799 759 373 Interest Portion of Rentals 1,986 1,707 1,628 1,572 1,578 1,652 828 -------- -------- --------- -------- -------- -------- -------- Total Fixed Charges, as defined $ 34,998 32,912 35,978 36,336 36,261 37,766 $ 19,258 ======== ======== ========= ======== ======== ======== ======== Earnings, as Defined: Net Income $ 27,301 $ 45,296 $ 50,224 $ 50,187 $ 43,792 $ 43,203 $ 30,866 Taxes on Income 14,604 24,591 26,829 27,553 23,444 22,566 16,890 Fixed Charges, as above 34,998 32,912 35,978 36,336 36,261 37,766 19,258 -------- -------- --------- -------- -------- -------- -------- Total Earnings, as defined $ 76,903 $102,799 $ 113,031 $114,076 $103,497 $103,535 $ 67,014 ======== ======== ========= ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.20 3.12 3.14 3.14 2.85 2.74 3.48 ======== ======== ========= ======== ======== ======== ========
* 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.