EX-12 10 ex-12x201710xk.htm EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY  
Ratios of Earnings to Fixed Charges  
(Unaudited) 
 
Year Ended December 31,
In thousands, except share data
2017
 
2016
 
2015
 
2014
 
2013
Fixed Charges, as defined:
 
 
 
 
 
 
 
 
 
Interest on Long-Term Debt
$
36,809

 
$
34,508

 
$
37,918

 
$
40,066

 
$
40,825

Other Interest
2,274

 
3,404

 
3,173

 
2,718

 
2,709

Amortization of Debt Discount and Expense
2,017

 
1,671

 
1,760

 
1,963

 
1,877

Capitalized Interest
2,598

 
—

 
—

 
—

 
—

Interest Portion of Rentals
2,574

 
2,048

 
1,976

 
2,302

 
1,910

Total Fixed Charges, as defined
46,272

 
41,631

 
44,827

 
47,049

 
47,321

Earnings, as defined:
 
 

 

 

 

Net Income (Loss)
(55,623
)
 
58,895

 
53,703

 
58,692

 
60,538

Taxes on Income
(30,757
)
 
40,714

 
35,753

 
41,643

 
41,705

Fixed Charges, as above
46,272

 
41,631

 
44,827

 
47,049

 
47,321

Total Earnings (Losses), as defined
$
(40,108
)
 
$
141,240

 
$
134,283

 
$
147,384

 
$
149,564

Ratios of Earnings to Fixed Charges
*
 
3.39

 
3.00

 
3.13

 
3.16


* In 2017, earnings were insufficient to cover fixed charges by approximately $86.4 million primarily due to the impairment of long-lived assets at the Gill Ranch Facility.