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—Third Quarter 2002
EXHIBIT 12—RATIO OF EARNINGS TO FIXED CHARGES
 
    
For the Nine Months Ended
Ratio of earnings to Fixed Charges
   
2002
   
2001
Earnings
              
Net income
   
$
49.7
   
$
56.4
Adjustments:
              
Income taxes
   
 
29.5
   
 
28.8
Fixed charges (as below)
   
 
28.8
   
 
29.2
    
  
Total adjusted earnings
   
$
108.0
   
$
114.4
    
  
Fixed charges:
              
Net interest expense
   
$
25.9
   
$
28.6
Adjustments:
              
Interest component of rents
   
 
0.3
   
 
0.3
AFUDC debt
   
 
2.6
   
 
0.3
    
  
Total fixed charges
   
$
28.8
   
$
29.2
    
  
Ratio of earnings to fixed charges
   
 
3.7
   
 
3.9