EX-12 6 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 2001 – September 30, 2006

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

 

      Year Ended Dec. 31,   

12 Months

Ended

Sept. 30,

2006

   

Nine Months

Ended

Sept. 30,

2006*

      2005    2004    2003    2002    2001      
Fixed Charges, as defined:                     

Interest on Long-Term Debt

    $ 34,330    $ 33,776    $ 33,258    $ 32,264    $ 30,224    $ 34,718    $ 26,007

Other Interest

      2,665      2,184      2,048      1,620      3,772      3,004      1,730

Amortization of Debt Discount and Expense

      808      773      696      799      768      717      537

Interest Portion of Rentals

      1,357      1,489      1,622      1,578      1,572      1,475      1,104
                                                

Total Fixed Charges, as defined

    $ 39,160    $ 38,222    $ 37,624    $ 36,261    $ 36,336    $ 39,914    $ 29,378
                                                

Earnings, as defined:

                     

Net Income

    $ 58,149    $ 50,572    $ 45,983    $ 43,792    $ 50,187    $ 59,096    $ 33,303

Taxes on Income

      32,720      26,531      23,340      23,444      27,553      33,439      18,653

Fixed Charges, as above

      39,160      38,222      37,624      36,261      36,336      39,914      29,378
                                                

Total Earnings, as defined

    $ 130,029    $ 115,325    $ 106,947    $ 103,497    $ 114,076    $ 132,449    $ 81,334
                                                

Ratio of Earnings to Fixed Charges

      3.32      3.02      2.84      2.85      3.14      3.32      2.77
                                                

 

* A significant part of the business of NW Natural 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.