EX-12 3 ex12.htm EXHIBIT 12 FIXED CHARGES ex12.htm

                                       
EXHIBIT 12
  
 
NORTHWEST NATURAL GAS COMPANY
  
 
Ratio of Earnings to Fixed Charges
  
 
Thousands, except per share amount
  
 
(Unaudited)
  
                                 
12 Months
  
Nine Months(1)
  
                                 
Ended
  
Ended
  
   
Year Ended December 31,
  
September 30,
  
September 30,
  
   
2010
  
2009
  
2008
  
2007
  
2006
  
2011
  
2011
  
Fixed Charges, as defined:
                                        
Interest on Long-Term Debt
$
39,198
  
$
 37,447
  
$
 33,605
  
$
 34,294
  
$
 34,651
  
$
 37,401
  
$
 27,751
  
Other Interest
  
1,587
    
 1,937
    
 4,022
    
 4,116
    
 4,648
    
 1,775
    
 1,221
  
Amortization of Debt Discount and Expense
  
1,766
    
 1,503
    
 700
    
 711
    
 716
    
 1,724
    
 1,288
  
Interest Portion of Rentals
  
2,130
    
 1,735
    
 1,551
    
 1,523
    
 1,465
    
 2,187
    
 1,267
  
Total Fixed Charges, as defined
$
 44,681
  
$
 42,622
  
$
 39,878
  
$
 40,644
  
$
 41,480
  
$
 43,087
  
$
 31,527
  
Earnings, as defined:
                                        
Net Income
$
 72,667
  
$
 75,122
  
$
 69,525
  
$
 74,497
  
$
 63,415
  
$
 64,245
  
$
 34,654
  
Taxes on Income
  
 49,462
    
 46,671
    
 40,678
    
 44,060
    
 36,234
    
 43,813
    
 23,470
  
Fixed Charges, as above
  
 44,681
    
 42,622
    
 39,878
    
 40,644
    
 41,480
    
 43,087
    
 31,527
  
Total Earnings, as defined
$
 166,810
  
$
 164,415
  
$
 150,081
  
$
 159,201
  
$
 141,129
  
$
 151,145
  
$
 89,651
  
Ratio of Earnings to Fixed Charges
  
 3.73
    
 3.86
    
 3.76
    
 3.92
    
 3.40
    
 3.51
    
2.84
                                             
(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.