EX-12 3 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, 2002 – March 31, 2007

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

 

     Year Ended December 31,   

12 Months
Ended
March 31,

2007

   

3 Months
Ended
March 31,

2007*

     2006    2005    2004    2003    2002      

Fixed Charges, as defined:

                     

Interest on Long-Term Debt

    $ 34,651    $ 34,330    $ 33,776    $ 33,258    $ 32,264    $ 34,834    $ 8,895

Other Interest

      4,648      2,665      2,184      2,048      1,620      3,837      285

Amortization of Debt

                     

Discount and Expense

      716      808      773      696      799      720      184

Interest Portion of Rentals

      1,465      1,357      1,489      1,622      1,578      1,487      379
                                                

Total Fixed Charges, as defined

    $ 41,480    $ 39,160    $ 38,222    $ 37,624    $ 36,261    $ 40,878    $ 9,743
                                                

Earnings, as defined:

                     

Net Income

    $ 63,415    $ 58,149    $ 50,572    $ 45,983    $ 43,792    $ 70,457    $ 48,075

Taxes on Income

      36,234      32,720      26,531      23,340      23,444      41,253      28,463

Fixed Charges, as above

      41,480      39,160      38,222      37,624      36,261      40,878      9,743
                                                

Total Earnings, as defined

    $ 141,129    $ 130,029    $ 115,325    $ 106,947    $ 103,497    $ 152,588    $ 86,281
                                                

Ratio of Earnings to Fixed Charges

      3.40      3.32      3.02      2.84      2.85      3.73      8.86
                                                
* 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.