EX-11 2 dex11.htm STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Statement re computation of per share earnings

EXHIBIT 11

NORTHWEST NATURAL GAS COMPANY

Statement Re: Computation of Per Share Earnings

(Thousands, except per share amounts)

(Unaudited)

 

     12 Months Ended December 31,
     2005    2004    2003

Net income

    $ 58,149    $ 50,572    $ 45,983

Redeemable preferred stock dividend requirements

      —        —        294
                    

Earnings applicable to common stock – basic

      58,149      50,572      45,689

Debenture interest less taxes

      —        200      257
                    

Net income - diluted

    $ 58,149    $ 50,772    $ 45,946
                    

Average common shares outstanding – basic

      27,564      27,016      25,741

Stock options

      57      40      28

Convertible debentures

      —        227      292
                    

Average common shares outstanding – diluted

      27,621      27,283      26,061
                    

Earnings per share of common stock - basic

    $ 2.11    $ 1.87    $ 1.77
                    

Earnings per share of common stock – diluted

    $ 2.11    $ 1.86    $ 1.76
                    

For the years ended Dec. 31, 2005, 2004 and 2003, 6,000 shares, 201,800 shares and 77,500 shares, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been antidilutive.