Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - NORTHWEST NATURAL GAS CO | form10-qq12018.htm |
| EX-32.1 - EXHIBIT 32.1 CEO AND CFO CERTIFICATION - NORTHWEST NATURAL GAS CO | ex321q12018.htm |
| EX-31.2 - EXHIBIT 31.2 CFO CERTIFICATION - NORTHWEST NATURAL GAS CO | ex312q12018.htm |
| EX-31.1 - EXHIBIT 31.1 CEO CERTIFICATION - NORTHWEST NATURAL GAS CO | ex311q12018.htm |
EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Ratios of Earnings to Fixed Charges
(unaudited)
Twelve Months Ended | Three Months Ended | |||||||||||||||||||||||||||
Year Ended December 31, | March 31, | March 31, | ||||||||||||||||||||||||||
In thousands, except share data | 2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2018 | |||||||||||||||||||||
Fixed Charges, as defined: | ||||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 36,809 | $ | 34,508 | $ | 37,918 | $ | 40,066 | $ | 40,825 | 36,915 | $ | 9,340 | |||||||||||||||
Other Interest | 2,274 | 3,404 | 3,173 | 2,718 | 2,709 | 2,422 | 681 | |||||||||||||||||||||
Amortization of Debt Discount and Expense | 2,017 | 1,671 | 1,760 | 1,963 | 1,877 | 2,023 | 507 | |||||||||||||||||||||
Capitalized Interest | 2,598 | — | — | — | — | 3,612 | 1,014 | |||||||||||||||||||||
Interest Portion of Rentals | 2,574 | 2,048 | 1,976 | 2,302 | 1,910 | 2,304 | 480 | |||||||||||||||||||||
Total Fixed Charges, as defined | $ | 46,272 | $ | 41,631 | $ | 44,827 | $ | 47,049 | $ | 47,321 | 47,276 | $ | 12,022 | |||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||||||
Net Income | $ | (55,623 | ) | $ | 58,895 | $ | 53,703 | $ | 58,692 | $ | 60,538 | $ | (54,396 | ) | $ | 41,537 | ||||||||||||
Taxes on Income | (30,757 | ) | 40,714 | 35,753 | 41,643 | 41,705 | (42,218 | ) | 15,462 | |||||||||||||||||||
Fixed Charges, as above | 46,272 | 41,631 | 44,827 | 47,049 | 47,321 | 47,276 | 12,022 | |||||||||||||||||||||
Total Earnings, as defined | $ | (40,108 | ) | $ | 141,240 | $ | 134,283 | $ | 147,384 | $ | 149,564 | $ | (49,338 | ) | $ | 69,021 | ||||||||||||
Ratios of Earnings to Fixed Charges | * | 3.39 | 3.00 | 3.13 | 3.16 | * | 5.74 | |||||||||||||||||||||
* Earnings were insufficient to cover fixed charges by approximately $96.6 million and $86.4 million for the twelve months ended March 31, 2018 and December 31, 2017, respectively, primarily due to the impairment of long-lived assets at the Gill Ranch Facility in December 2017. For additional information, see Note 2 in the 2017 Form 10-K.