Plum Creek Timber (PCL) 10-K 2013 FY Annual report

Exhibit 12.1

Plum Creek Timber Company, Inc.

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
(Dollars in Millions)	2013		2012			2011			2010			2009
Consolidated Pretax Income from Continuing Operations	$	151	$	141		$	136		$	146		$	150
Fixed Charges (per below)	144		144			144			143			153
Distributed Income of Equity Investees	56		56			56			57			53
Interest Capitalized	—		(1		)	(1		)	(1		)	(1		)
Earnings	$	351	$	340		$	335		$	345		$	355
Interest and Other Financial Charges	$	141	$	142		$	141		$	140		$	150
Interest Portion of Rental Expense	3		2			3			3			3
Fixed Charges	$	144	$	144		$	144		$	143		$	153
Ratio of Earnings to Fixed Charges	2.4		2.4			2.3			2.4			2.3

Plum Creek Timberlands, L.P.

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
(Dollars in Millions)	2013		2012			2011			2010			2009
Consolidated Pretax Income from Continuing Operations	$	209	$	199		$	194		$	204		$	208
Fixed Charges (per below)	86		86			86			85			95
Distributed Income of Equity Investees	56		56			56			57			53
Interest Capitalized	—		(1		)	(1		)	(1		)	(1		)
Earnings	$	351	$	340		$	335		$	345		$	355
Interest and Other Financial Charges	$	83	$	84		$	83		$	82		$	92
Interest Portion of Rental Expense	3		2			3			3			3
Fixed Charges	$	86	$	86		$	86		$	85		$	95
Ratio of Earnings to Fixed Charges	4.1		4.0			3.9			4.1			3.7

During 2008, PC Ventures I, LLC (“PC Ventures”), a 100% wholly-owned subsidiary of Plum Creek Timber Company, Inc., made a $783 million capital contribution to Plum Creek Timberlands, L.P. in exchange for a Series T-1 Redeemable Preferred Limited Partnership Interest (“Series T-1 Preferred Interest”), a preferred interest in Plum Creek Timberlands, L.P. The Series T-1 Preferred Interest provides for a return of 7.375% per annum (approximately $58 million) on its contributed capital of $783 million. In the computation of the ratio of earnings to fixed charges for Plum Creek Timberlands, L.P. above, the Series T-1 Preferred Interest is not subtracted from Consolidated Pretax Income from Continuing Operations and has been excluded from the calculation of Fixed Charges because these transactions are between affiliated entities. Further discussion of the Series T-1 Preferred Interest in Plum Creek Timberlands, L.P. can be found in the audited consolidated financial statements of Plum Creek Timberlands, L.P. for the three years ended December 31, 2013, which were included on Form 10-K of Plum Creek Timber Company, Inc. and filed with the SEC on February 28, 2014.