NORTHWEST NATURAL GAS CO - FORM 10-K - EX-12 - EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES - February 27, 2015

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - NORTHWEST NATURAL GAS CO	Financial_Report.xls
EX-21 - EXHIBIT 21 SUBSIDIARIES OF NW NATURAL GAS COMPANY - NORTHWEST NATURAL GAS CO	ex212014.htm
EX-4.N - EXHIBIT 4.N FIRST AMENDMENT TO CREDIT AGREEMENT - NORTHWEST NATURAL GAS CO	ex4n2014.htm
EX-23 - EXHIBIT 23 CONSENT OF AUDITORS - NORTHWEST NATURAL GAS CO	ex232014.htm
EX-10.W - EXHIBIT 10.W LTIP AWARD AGREEMENT 2015-2017 - NORTHWEST NATURAL GAS CO	ex102014.htm
EX-31.2 - EXHIBIT 31.2 CFO CERTIFICATION - NORTHWEST NATURAL GAS CO	ex3122014.htm
EX-32.1 - EXHIBIT 32.1 SOX CERTIFICATION - NORTHWEST NATURAL GAS CO	ex3212014.htm
EX-31.1 - EXHIBIT 31.1 CEO CERTIFICATION - NORTHWEST NATURAL GAS CO	ex3112014.htm
10-K - FORM 10-K - NORTHWEST NATURAL GAS CO	form10-k2014.htm
EX-4.M - EXHIBIT 4.M FORM OF LETTER AGREEMENT - NORTHWEST NATURAL GAS CO	ex4m2014.htm

EXHIBIT 12

NORTHWEST NATURAL GAS COMPANY

Ratios of Earnings to Fixed Charges

^(Unaudited)



	Year Ended December 31,
In thousands, except share data	2014				2013				2012				2011				2010
Fixed Charges, as defined:
Interest on Long-Term Debt	$	40,066			$	40,825			$	39,175			$	37,515			$	39,198
Other Interest	2,718				2,709				2,314				2,976				1,587
Amortization of Debt Discount and Expense	1,963				1,877				1,848				1,729				1,766
Interest Portion of Rentals	2,302				1,910				1,864				2,213				2,130
Total Fixed Charges, as defined	47,049				47,321				45,201				44,433				44,681
Earnings, as defined:
Net Income	58,692				60,538				58,779				63,044				72,013
Taxes on Income	41,643				41,705				43,403				42,825				49,033
Fixed Charges, as above	47,049				47,321				45,201				44,433				44,681
Total Earnings, as defined	$	147,384			$	149,564			$	147,383			$	150,302			$	165,727
Ratios of Earnings to Fixed Charges	3.13				3.16				3.26				3.38				3.71