EX-11 5 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,
     2006    2005    2004

Net income

    $ 63,415    $ 58,149    $ 50,572

Convertible debenture interest less taxes

      —        —        200
                    

Net income - diluted

    $ 63,415    $ 58,149    $ 50,772
                    

Average common shares outstanding - basic

      27,540      27,564      27,016

Stock-based compensation

      117      57      40

Convertible debentures

      —        —        227
                    

Average common shares outstanding - diluted

      27,657      27,621      27,283
                    

Earnings per share of common stock - basic

    $ 2.30    $ 2.11    $ 1.87
                    

Earnings per share of common stock - diluted

    $ 2.29    $ 2.11    $ 1.86
                    

For the years ended December 31, 2006, 2005 and 2004, 105,600 shares, 6,000 shares and 201,800 shares, respectively, represent the number of stock options which were excluded from the calculation of diluted earnings per share because the effect was antidilutive.