EXHIBIT 11

NORTHWEST NATURAL GAS COMPANY

Statement re: Computation of Per Share Earnings

(Thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2007		2006		2007		2006
Net income	$	2,617	$	1,994	$	50,692	$	43,027
Average common shares outstanding - basic		26,999		27,563		27,114		27,574
Additional shares for stock-based compensation plans		165		48		147		47
Average common shares outstanding - diluted		27,164		27,611		27,261		27,621
Earnings per share of common stock - basic	$	0.10	$	0.07	$	1.87	$	1.56
Earnings per share of common stock - diluted	$	0.10	$	0.07	$	1.86	$	1.56

For the three- and six- month periods ended June 30, 2007 and the three- month period ended June 30, 2006, no shares were excluded from the calculation of diluted earnings per share because the effect of all shares was dilutive. For the six-month period ended June 30, 2006, 600 shares were excluded from the calculation of diluted earnings per share because the shares would not have a dilutive effect.