Weyerhaeuser (WY) 10-Q 2006 Q1 Quarterly report

EXHIBIT 12

Weyerhaeuser Company and Subsidiaries

Computation of Ratios of Earnings (Loss) to Fixed Charges

(Dollar amounts in thousands)

	Thirteen weeks ended
	March 26, 2006			March 27, 2005
Available earnings (loss):
Earnings (loss) before interest expense, amortization of debt expense and income taxes	$	(336,692	)	$	579,540
Add: interest portion of rental expense		14,975			14,749
Deduct: undistributed earnings (loss) of equity affiliates		(16,499	)		(5,588	)
Available earnings (loss)	$	(338,216	)	$	588,701
Fixed charges:
Interest expense incurred:
Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries		149,598			192,258
Weyerhaeuser Real Estate Company and other related subsidiaries		14,099			13,634
Subtotal		163,697			205,892
Less: intercompany interest		80			249
Total interest expense incurred		163,777			206,141
Amortization of debt expense		2,644			3,322
Interest portion of rental expense		14,975			14,749
Total fixed charges	$	181,396		$	224,212
Ratio of earnings (loss) to fixed charges		—			2.63
Coverage deficiency(1)	$	(519,612	)		—

⁽¹⁾ The coverage deficiency of Weyerhaeuser Company and subsidiaries for the thirteen weeks ended March 26, 2006 includes a charge of $746 million arising from the impairment of goodwill associated with the Cellulose Fiber and White Papers segment.

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 (Loss) to Fixed Charges

(Dollar amounts in thousands)

	Thirteen weeks ended
	March 26, 2006			March 27, 2005
Available earnings (loss):
Earnings (loss) before interest expense, amortization of debt expense and income taxes	$	(349,220	)	$	562,758
Add: interest portion of rental expense		13,150			13,269
Deduct: undistributed earnings (loss) of equity affiliates		(900	)		640
Deduct: undistributed earnings (loss) before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries		(171,494	)		(182,849	)
Available earnings (loss)	$	(508,464	)	$	393,818
Fixed charges:
Interest expense incurred		149,598			192,258
Amortization of debt expense		2,644			3,322
Interest portion of rental expense		13,150			13,269
Total fixed charges	$	165,392		$	208,849
Ratio of earnings (loss) to fixed charges		—			1.89
Coverage deficiency(2)	$	(673,856	)		—

⁽²⁾ The coverage deficiency 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 for the thirteen weeks ended March 26, 2006 includes a charge of $746 million arising from the impairment of goodwill associated with the Cellulose Fiber and White Papers segment.