EX-12 6 ex12.txt COMPUTATION OF RATIOS Exhibit (12) NORTHWEST NATURAL GAS COMPANY Computation of Ratio of Earnings to Fixed Charges January 1, 1999 - December 31, 2003 (Thousands, except ratio of earnings to fixed charges) (Unaudited)
Year Ended December 31 -------------------------------------------------------------------- 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- Fixed Charges, as Defined: Interest on Long-Term Debt $ 33,258 $ 32,264 $ 30,224 $ 29,987 $ 27,728 Other Interest 2,048 1,620 3,772 3,628 2,778 Preferred and Preference Stock Dividends 294 2,280 2,401 2,456 2,515 Amortization of Debt Discount and Expense 696 799 768 735 699 Interest Portion of Rentals 1,622 1,578 1,572 1,628 1,707 ----------- ----------- ----------- ----------- ----------- Total Fixed Charges, as defined $ 37,918 $ 38,541 $ 38,737 $ 38,434 $ 35,427 =========== =========== =========== =========== =========== Earnings, as Defined: Net Income $ 45,983 $ 43,792 $ 50,187 $ 50,224 $ 45,296 Taxes on Income 23,340 23,444 27,553 26,829 24,591 Fixed Charges, as above 37,918 38,541 38,737 38,434 35,427 ----------- ----------- ----------- ----------- ----------- Total Earnings, as defined $ 107,241 $ 105,777 $ 116,477 $ 115,487 $ 105,314 =========== =========== =========== =========== =========== Ratio of Earnings to Fixed Charges 2.83 2.74 3.01 3.00 2.97 =========== =========== =========== =========== ===========
For consistency in reporting, total fixed charges in all years include dividends on redeemable preferred and preferense stock, which were reclassified as interest expense beginning July 1, 2003, upon adoption of SFAS No. 150.