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

(Unaudited)

 

     Three Months Ended March 31,
     2006    2005

Net income

    $ 41,033    $ 39,887

Debenture interest less taxes

      —        48
             

Net income - diluted

    $ 41,033    $ 39,935
             

Average common shares outstanding - basic

      27,584      27,578

Stock options

      48      65

Convertible debentures

      —        220
             

Average common shares outstanding - diluted

      27,632      27,863
             

Earnings per share of common stock - basic

    $ 1.49    $ 1.45
             

Earnings per share of common stock - diluted

    $ 1.48    $ 1.43
             

For the three months ended March 31, 2006, 9,000 shares were excluded from the calculation of diluted earnings per share because the effect would have been antidilutive. For the three months ended March 31, 2005, no shares were excluded from the calculation of diluted earnings per share.