EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Computation of Ratio of Earnings to Fixed Charges

January 1, 2007 – March 31, 2008

(Thousands, except ratio of earnings to fixed charges)

(Unaudited)

 

     3 Months* ended
March 31,		    12 Months ended
March 31,		    Dec. 31
     2008    2007    2008    2007    2007

Fixed Charges:

               

Interest on Long-Term Debt

    $ 8,435    $ 8,895    $ 33,834    $ 34,834    $ 34,294

Other Interest

      1,042      285      4,873      3,837      4,116

Amortization of Debt

               

Discount and Expense

      175      184      702      720      711

Interest Portion of Rentals

      393      379      1,537      1,487      1,523
                                  

Total Fixed Charges, as defined

    $ 10,045    $ 9,743    $ 40,946    $ 40,878    $ 40,644
                                  

Earnings:

               

Net Income

    $ 43,168    $ 48,075    $ 69,590    $ 70,457    $ 74,497

Taxes on Income

      25,701      28,463      41,298      41,253      44,060

Fixed Charges, as above

      10,045      9,743      40,946      40,878      40,644
                                  

Total Earnings, as defined

    $ 78,914    $ 86,281    $ 151,834    $ 152,588    $ 159,201
                                  

Ratio of Earnings to Fixed Charges

      7.86      8.86      3.71      3.73      3.92
                                  

 

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