EXHIBIT 12
Weyerhaeuser Company and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(Dollar amounts in thousands)
| Twenty-six weeks ended | |||||||||||
| June 29, | June 30, | ||||||||||
| 2003 | 2002 | ||||||||||
| Available earnings: | |||||||||||
| Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle | $ | 602,326 | $ | 560,578 | |||||||
| Add interest portion of rental expense | 29,545 | 27,164 | |||||||||
| Available earnings before cumulative effect of a change in accounting principle | $ | 631,871 | $ | 587,742 | |||||||
| Fixed charges: | |||||||||||
| Interest expense incurred: | |||||||||||
| Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries | $ | 405,702 | $ | 349,358 | |||||||
| Weyerhaeuser Real Estate Company and other related subsidiaries | 26,879 | 26,197 | |||||||||
| Subtotal | 432,581 | 375,555 | |||||||||
| Less intercompany interest | (46 | ) | 466 | ||||||||
| Total interest expense incurred | 432,627 | 375,089 | |||||||||
| Amortization of debt expense | 6,925 | 50,212 | |||||||||
| Rental expense: | |||||||||||
| Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries | 82,473 | 76,362 | |||||||||
| Weyerhaeuser Real Estate Company and other related subsidiaries | 6,161 | 5,129 | |||||||||
| 88,634 | 81,491 | ||||||||||
| Interest portion of rental expense | 29,545 | 27,164 | |||||||||
| Total fixed charges | $ | 469,097 | $ | 452,465 | |||||||
| Ratio of earnings to fixed charges | 1.35 | 1.30 | |||||||||
Weyerhaeuser Company with its Weyerhaeuser Real Estate Company and Other Related Subsidiaries
Accounted for on the Equity Method, but Excluding the Undistributed Earnings of Those Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(Dollar amounts in thousands)
| Twenty-six weeks ended | ||||||||||||
| June 29, | June 30, | |||||||||||
| 2003 | 2002 | |||||||||||
| Available earnings: | ||||||||||||
| Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle | $ | 575,784 | $ | 536,862 | ||||||||
| Add interest portion of rental expense | 27,491 | 25,454 | ||||||||||
| 603,275 | 562,316 | |||||||||||
| Deduct undistributed earnings of equity affiliates | (4,152 | ) | (3,932 | ) | ||||||||
| Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries: | ||||||||||||
| Deduct pretax earnings | (185,524 | ) | (169,258 | ) | ||||||||
| Add back dividends paid to Weyerhaeuser | — | — | ||||||||||
| Undistributed earnings | (185,524 | ) | (169,258 | ) | ||||||||
| Available earnings before cumulative effect of a change in accounting principle | $ | 413,599 | $ | 389,126 | ||||||||
| Fixed charges: | ||||||||||||
| Interest expense incurred | $ | 405,702 | $ | 349,358 | ||||||||
| Amortization of debt expense | 6,925 | 50,212 | ||||||||||
| Interest portion of rental expense | 27,491 | 25,454 | ||||||||||
| Total fixed charges | $ | 440,118 | $ | 425,024 | ||||||||
| Ratio of earnings to fixed charges | 0.94 | 1 | 0.92 | 1 | ||||||||
| 1 | Fixed charges exceeded available earnings before the cumulative effect of a change in accounting principle of Weyerhaeuser Company with its Weyerhaeuser Real Estate Company and other related subsidiaries accounted for on the equity method, but excluding the undistributed earnings of those subsidiaries by approximately $27 million for the twenty-six weeks ended June 29, 2003, and approximately $36 million for the twenty-six weeks ended June 30, 2002. |