EX-11 5 ex11.txt EX. 11 - STATEMENT RE: COMPUTATION OF EARNINGS EXHIBIT (11) NORTHWEST NATURAL GAS COMPANY Statement Re: Computation of Per Share Earnings (Thousands, except per share amounts) (Unaudited)
Thousands, except per share amounts 2003 2002 2001 -------------------------------------------------------------------------------------- Net income $ 45,983 $ 43,792 $ 50,187 Redeemable preferred and preference stock dividend requirements 294 2,280 2,401 -------- -------- -------- Earnings applicable to common stock - basic 45,689 41,512 47,786 Debenture interest less taxes 257 285 370 -------- -------- -------- Earnings applicable to common stock - diluted $ 45,946 $ 41,797 $ 48,156 ======== ======== ======== Average common shares outstanding - basic 25,741 25,431 25,159 Stock options 28 59 32 Convertible debentures 292 324 421 -------- -------- -------- Average common shares outstanding - diluted 26,061 25,814 25,612 ======== ======== ======== Earnings per share of common stock - basic $ 1.77 $ 1.63 $ 1.90 ======== ======== ======== Earnings per share of common stock - diluted $ 1.76 $ 1.62 $ 1.88 ======== ======== ========
For the years ended Dec. 31, 2003, 2002 and 2001, 77,500 shares, 84,000 shares and 138,491 shares, respectively, representing the number of stock options the exercise prices for which were greater than the average market prices for such years, were excluded from the calculation of diluted earnings per share because the effect was antidilutive.