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SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited)
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited)
Quarterly financial data provides a review of our results and performance throughout the year. Our earnings per share for the full year do not always equal the sum of the four quarterly earnings-per share amounts because of common share activity during the year.
Key Quarterly Financial Data for the Last Two Years
DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES
  
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full Year
2011:
 
 
 
 
 
Net sales and revenues
$
1,422

$
1,610

$
1,569

$
1,615

$
6,216

Operating income
$
236

$
127

$
100

$
131

$
594

Earnings from continuing operations before income taxes
$
154

$
19

$
29

$
55

$
257

Net earnings
$
99

$
10

$
157

$
65

$
331

Net earnings attributable to Weyerhaeuser common shareholders
$
99

$
10

$
157

$
65

$
331

Basic net earnings per share attributable to Weyerhaeuser common shareholders
$
0.18

$
0.02

$
0.29

$
0.12

$
0.62

Diluted net earnings per share attributable to Weyerhaeuser common shareholders
$
0.18

$
0.02

$
0.29

$
0.12

$
0.61

Dividends paid per share
$
0.15

$
0.15

$
0.15

$
0.15

$
0.60

Market prices - high/low
$25.20 - $19.55

$25.14 - $20.01

$22.57 - $15.55

$18.88 - $15.25

$25.20 - $15.25

2010:
 
 
 
 
 
Net sales and revenues
$
1,283

$
1,641

$
1,514

$
1,516

$
5,954

Operating income
$
85

$
155

$
160

$
54

$
454

Earnings (loss) from continuing operations before income taxes
$
21

$
12

$
84

$
(35
)
$
82

Net earnings (loss)
$
(18
)
$
14

$
1,116

$
171

$
1,283

Net earnings (loss) attributable to Weyerhaeuser common shareholders
$
(20
)
$
14

$
1,116

$
171

$
1,281

Basic net earnings (loss) per share attributable to Weyerhaeuser common shareholders
$
(0.10
)
$
0.07

$
3.52

$
0.32

$
4.00

Diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders
$
(0.10
)
$
0.07

$
3.50

$
0.32

$
3.99

Dividends paid per share
$
0.05

$
0.05

$
26.46

$
0.05

$
26.61

Market prices - high/low
$45.32 - $39.25

$53.30 - $35.20

$41.83 - $15.40

$19.00 - $15.23

$53.30 - $15.23


To implement our decision to be taxed as a REIT, we distributed our accumulated earnings and profits to our shareholders, determined under federal income tax provisions, as a “Special Dividend.” On September 1, 2010, we paid a dividend of $5.6 billion which included the Special Dividend and the regular quarterly dividend of approximately $11 million. At the election of each shareholder, the Special Dividend was paid in cash or Weyerhaeuser common shares. The number of common shares issued was approximately 324 million. The stock portion of the Special Dividend was treated as the issuance of new shares for accounting purposes and affects our earnings per share only for periods after the distribution. Prior periods are not restated. The required treatment results in earnings per share that is less than would have been the case had the common shares not been issued. See Note 4: Net Earnings (Loss) Per Share for pro forma results giving effect to the common stock distribution for diluted earnings per common share as if the common stock distribution had occurred at the beginning of each period. In addition, our stock price decreased on the ex-dividend date to reflect the issuance of common stock.
During third quarter 2010, we also reversed certain deferred income tax liabilities as a result of our REIT conversion, which resulted in a $1,064 million benefit in the Consolidated Statement of Operations.