EX-12 2 v98675exv12.htm EXHIBIT 12 exv12
 

EXHIBIT 12

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

                 
    Thirteen weeks ended
    March 28,   March 30,
    2004
   2003
Available earnings:
                
Earnings before interest expense, amortization of
debt expense, income taxes and cumulative effect of a
change in accounting principle
   $ 389,870     $ 156,915  
Add interest portion of rental expense
     14,763       14,455  
Deduct undistributed earnings of equity affiliates
     (8,401 )     (3,591 )
 
    
 		      
 		  
 
                
Available earnings before cumulative effect of a change in
accounting principle
   $ 396,232     $ 167,779  
 
    
 		      
 		  
 
                
Fixed charges:
                
Interest expense incurred:
                
Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser
Real Estate Company and other related subsidiaries
   $ 191,481     $ 205,133  
Weyerhaeuser Real Estate Company and other related subsidiaries
     14,890       13,482  
 
    
 		      
 		  
 
                
Subtotal
     206,371       218,615  
Less intercompany interest
     (79 )     63  
 
    
 		      
 		  
 
                
Total interest expense incurred
     206,292       218,678  
 
                
Amortization of debt expense
     3,968       3,262  
 
                
Interest portion of rental expense
     14,763       14,455  
 
    
 		      
 		  
Total fixed charges
   $ 225,023     $ 236,395  
 
    
 		      
 		  
 
                
Ratio of earnings to fixed charges
     1.76       0.711  
 
    
 		      
 		  

1 Fixed charges exceeded available earnings of Weyerhaeuser Company and subsidiaries before the cumulative effect of a change in accounting principle by approximately $69 million for the thirteen weeks ended March 30, 2003.

 

 

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)

                 
    Thirteen weeks ended
    March 28,   March 30,
    2004
   2003
Available earnings:
                
Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle
   $ 375,158     $ 138,512  
Add interest portion of rental expense
     13,547       13,490  
Deduct undistributed earnings of equity affiliates
     (2,523 )     (1,508 )
Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries
     (120,043 )     (95,390 )
 
    
 		      
 		  
Available earnings before cumulative effect of a change in accounting principle
   $ 266,139     $ 55,104  
 
    
 		      
 		  
Fixed charges:
                
Interest expense incurred
   $ 191,481     $ 205,133  
Amortization of debt expense
     3,968       3,262  
Interest portion of rental expense
     13,547       13,490  
 
    
 		      
 		  
Total fixed charges
   $ 208,996     $ 221,885  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     1.27       0.252  
 
    
 		      
 		  

2 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 $167 million for the thirteen weeks ended March 30, 2003.