EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to fixed Charges

 

EXHIBIT 12

 

 

PG&E GAS TRANSMISSION, NORTHWEST CORPORATION

SEC FILING—FORM 10-Q—First Quarter 2003

EXHIBIT 12—RATIO OF EARNINGS TO FIXED CHARGES

($ in millions)

 

    

For the Three Months Ended

    

2003

   

2002

Ratio of earnings to Fixed Charges

              

Earnings

              

Net income

   

$

16.4

   

$

17.7

Adjustments:

              

Income taxes

   

 

10.5

   

 

10.1

Fixed charges (as below)

   

 

10.1

   

 

9.1

    
  

Total adjusted earnings

   

$

37.0

   

$

36.9

    
  

Fixed charges:

              

Net interest expense

   

$

9.9

   

$

8.3

Adjustments:

              

Interest component of rents

   

 

0.1

   

 

0.1

AFUDC debt

   

 

0.1

   

 

0.7

    
  

Total fixed charges

   

$

10.1

   

$

9.1

    
  

Ratio of earnings to fixed charges

   

 

3.7

   

 

4.1