EXHIBIT 12.1
 
                         U.S. TIMBERLANDS COMPANY, L.P.
 
              COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(a)
 
                         (DOLLAR AMOUNTS IN THOUSANDS)
 
   

                            HISTORICAL    PRO FORMA(b) HISTORICAL PRO FORMA(b)
                          --------------- ------------ ---------- ------------
                                                          NINE MONTHS ENDED
                                                            SEPTEMBER 30,
                                                       -----------------------
                          AUGUST 30, 1996
                              THROUGH      YEAR ENDED
                           DECEMBER 31,   DECEMBER 31,
                               1996           1996        1997        1997
                          --------------- ------------ ---------- ------------
                                                      
Net loss.................    $(13,036)      $(26,428)   $(10,396)   $(8,777)
Fixed charges............       8,642         25,538      20,772     19,153
                             --------       --------    --------    -------
Earnings (loss)..........    $ (4,394)      $   (890)   $ 10,376    $10,376
                             ========       ========    ========    =======
Interest expense.........    $  7,316       $ 24,813    $ 17,818    $18,609
Amortization of deferred
 financing fees and debt
 guarantee fees..........       1,326            725       2,954        544
                             --------       --------    --------    -------
Fixed charges............    $  8,642       $ 25,538    $ 20,772    $19,153
                             ========       ========    ========    =======
Ratio of earnings (loss)
 to fixed charges........        (.51)x         (.03)x       .50x       .54x
                             ========       ========    ========    =======
    
 
- --------
(a) No computation of ratio of earnings to fixed charges is shown for the
    periods ended prior to August 30, 1996 as the Predecessor participated in
    Weyerhaeuser's centralized cash management system and therefore had no
    indebtedness or fixed charges.
 
(b) Gives effect to the Weyerhaeuser Acquisition, the Ochoco Acquisition and
    related refinancing, and the Transactions as if these events were
    consummated as of the beginning of the periods presented. The pro forma
    results of operations are not necessarily indicative of the results that
    would have occurred had these events been consummated as of January 1, 1996
    or that might be attained in the future.