EX-12 2 nwn-2013x331x10qxexhibit12.htm EXHIBIT 12 FIXED CHARGES NWN-2013-3.31-10Q-Exhibit 12

EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY  
Ratios of Earnings to Fixed Charges
(Unaudited) 
 
Year Ended December 31,
 
12 Months Ended March 31,
 
Three Months(1) Ended March 31,
In thousands, except share data
2012
 
2011
 
2010
 
2009
 
2008
 
2013
 
2013
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on Long-Term Debt
$
39,175

 
$
37,515

 
$
39,198

 
$
37,447

 
$
33,605

 
$
38,956

 
$
10,033

Other Interest
2,314

 
2,976

 
1,587

 
1,937

 
4,022

 
2,460

 
680

Amortization of Debt Discount and Expense
1,848

 
1,729

 
1,766

 
1,503

 
700

 
1,844

 
463

Interest Portion of Rentals
1,864

 
2,213

 
2,130

 
1,735

 
1,551

 
1,785

 
457

Total Fixed Charges, as defined
45,201

 
44,433

 
44,681

 
42,622

 
39,878

 
45,045

 
11,633

Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income(2)
58,779

 
63,044

 
72,013

 
74,632

 
69,160

 
56,134

 
37,639

Taxes on Income(2)
43,403

 
42,825

 
49,033

 
46,349

 
40,438

 
41,700

 
25,960

Fixed Charges, as above
45,201

 
44,433

 
44,681

 
42,622

 
39,878

 
45,045

 
11,633

Total Earnings, as defined(2)
$
147,383

 
$
150,302

 
$
165,727

 
$
163,603

 
$
149,476

 
$
142,879

 
$
75,232

Ratios of Earnings to Fixed Charges(2)
3.26

 
3.38

 
3.71

 
3.84

 
3.75

 
3.17

 
6.47


(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.  
(2) Prior period balances have been adjusted for a prior period error identified during the first quarter of 2013. See Note 14 for additional detail on this error.