Plum Creek Timber (PCL) 10-Q 2009 Q3 Quarterly report

Exhibit 12.1

Plum Creek Timber Company, Inc.

Ratio of Earnings to Fixed Charges

				Years Ended December 31,
(In Millions)	9 Months Ended September 30, 2009			2008			2007			2006		2005		2004
Consolidated Pretax Income from Continuing Operations	$	140		$	193		$	279		$	328	$	339	$	366
Fixed Charges (per below)		117			158			155			140		119		119
Distributed Income of Equity Investees		53			—			—			—		—		—
Interest Capitalized		(1	)		(1	)		(1	)		—		—		—
Earnings	$	309		$	350		$	433		$	468	$	458	$	485
Interest and Other Financial Charges	$	115		$	154		$	151		$	138	$	118	$	118
Interest Portion of Rental Expense		2			4			4			2		1		1
Fixed Charges	$	117		$	158		$	155		$	140	$	119	$	119
Ratio of Earnings to Fixed Charges		2.6			2.2			2.8			3.3		3.8		4.1