EX-12 2 ex12.htm EXHIBIT - FIXED CHARGES ex12.htm

EXHIBIT 12


NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2005 – March 31, 2010
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)




                         
12 Months
  
Three Months(1)
                         
Ended
  
Ended
     
Year Ended December 31,
  
March 31,
  
March 31,
     
2009
  
2008
  
2007
  
2006
  
2005
  
2010
  
2010
Fixed Charges, as defined:
                            
 
Interest on Long-Term Debt
  
 $37,447
  
 $33,605
  
 $34,294
  
 $34,651
  
 $34,330
  
 $38,851
  
 $9,834
 
Other Interest
  
1,937
  
4,022
  
 4,116
  
 4,648
  
 2,665
  
 1,409
  
 288
 
Amortization of Debt
                            
 
    Discount and Expense
  
 1,503
  
 700
  
 711
  
 716
  
 808
  
 1,752
  
 443
 
Interest Portion of Rentals
  
 1,735
  
 1,551
  
 1,523
  
 1,465
  
 1,357
  
 1,737
  
 409
 
Total Fixed Charges, as defined
  
 $42,622
  
 $39,878
  
 $40,644
  
 $41,480
  
 $39,160
  
 $43,749
  
 $10,974
Earnings, as defined:
                            
 
Net Income
  
 $75,122
  
 $69,525
  
 $74,497
  
 $63,415
  
 $58,149
  
 $71,367
  
 $43,608
 
Taxes on Income
  
 46,671
  
 40,678
  
 44,060
  
 36,234
  
 32,720
  
 47,879
  
 30,036
 
Fixed Charges, as above
  
 42,622
  
 39,878
  
 40,644
  
 41,480
  
 39,160
  
 43,749
  
 10,974
 
Total Earnings, as defined
  
 $164,415
  
 $150,081
  
 $159,201
  
 $141,129
  
 $130,029
  
 $162,995
  
 $84,618
Ratio of Earnings to Fixed Charges
  
 3.86
  
 3.76
  
 3.92
  
 3.40
  
 3.32
  
 3.73
  
 7.71

 
(1)A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratios of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year.