EXHIBIT 12
 

Weyerhaeuser Company and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(Dollar amounts in thousands)

				Twenty-six weeks ended
				June 29,			June 30,
				2003			2002
Available earnings:
	Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle			$	602,326		$	560,578
	Add interest portion of rental expense				29,545			27,164
Available earnings before cumulative effect of a change in accounting principle				$	631,871		$	587,742
Fixed charges:
	Interest expense incurred:
		Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries		$	405,702		$	349,358
		Weyerhaeuser Real Estate Company and other related subsidiaries			26,879			26,197
			Subtotal		432,581			375,555
		Less intercompany interest			(46	)		466
	Total interest expense incurred				432,627			375,089
	Amortization of debt expense				6,925			50,212
	Rental expense:
		Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries			82,473			76,362
		Weyerhaeuser Real Estate Company and other related subsidiaries			6,161			5,129
					88,634			81,491
	Interest portion of rental expense				29,545			27,164
Total fixed charges				$	469,097		$	452,465
Ratio of earnings to fixed charges					1.35			1.30

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 to Fixed Charges
(Dollar amounts in thousands)

				Twenty-six weeks ended
				June 29,			June 30,
				2003			2002
Available earnings:
	Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle			$	575,784		$	536,862
	Add interest portion of rental expense				27,491			25,454
					603,275			562,316
	Deduct undistributed earnings of equity affiliates				(4,152	)		(3,932	)
	Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries:
		Deduct pretax earnings			(185,524	)		(169,258	)
		Add back dividends paid to Weyerhaeuser			—			—
			Undistributed earnings		(185,524	)		(169,258	)
Available earnings before cumulative effect of a change in accounting principle				$	413,599		$	389,126
Fixed charges:
	Interest expense incurred			$	405,702		$	349,358
	Amortization of debt expense				6,925			50,212
	Interest portion of rental expense				27,491			25,454
Total fixed charges				$	440,118		$	425,024
Ratio of earnings to fixed charges					0.94	1		0.92	1

¹ Fixed charges exceeded available earnings before the cumulative effect of a change in accounting principle 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 by approximately $27 million for the twenty-six weeks ended June 29, 2003, and approximately $36 million for the twenty-six weeks ended June 30, 2002.