EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2001 – March 31, 2006
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
12 Months March 31, 2006 | Three March 31, 2006* | ||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
Fixed Charges, as Defined: | |||||||||||||||||||||
Interest on Long-Term Debt | $ | 34,330 | $ | 33,776 | $ | 33,258 | $ | 32,264 | $ | 30,224 | $ | 34,613 | $ | 8,712 | |||||||
Other Interest | 2,665 | 2,184 | 2,048 | 1,620 | 3,772 | 2,946 | 1,096 | ||||||||||||||
Amortization of Debt Discount and Expense | 808 | 773 | 696 | 799 | 768 | 797 | 180 | ||||||||||||||
Interest Portion of Rentals | 1,357 | 1,489 | 1,622 | 1,578 | 1,572 | 1,376 | 357 | ||||||||||||||
Total Fixed Charges, as Defined | $ | 39,160 | $ | 38,222 | $ | 37,624 | $ | 36,261 | $ | 36,336 | $ | 39,732 | $ | 10,345 | |||||||
Earnings, as Defined: | |||||||||||||||||||||
Net Income | $ | 58,149 | $ | 50,572 | $ | 45,983 | $ | 43,792 | $ | 50,187 | $ | 59,295 | $ | 41,033 | |||||||
Taxes on Income | 32,720 | 26,531 | 23,340 | 23,444 | 27,553 | 33,288 | 23,444 | ||||||||||||||
Fixed Charges, as above | 39,160 | 38,222 | 37,624 | 36,261 | 36,336 | 39,732 | 10,345 | ||||||||||||||
Total Earnings, as defined | $ | 130,029 | $ | 115,325 | $ | 106,947 | $ | 103,497 | $ | 114,076 | $ | 132,315 | $ | 74,822 | |||||||
Ratio of Earnings to Fixed Charges | 3.32 | 3.02 | 2.84 | 2.85 | 3.14 | 3.33 | 7.23 | ||||||||||||||
* | A significant part of the business of the Company is of a seasonal nature; therefore, the ratio of earnings to fixed charges for the interim period is not necessarily indicative of the results for a full year. |