EX-12 8 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit (12)

POTLATCH CORPORATION

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

 

      2008    2007    2006    2005    2004

Earnings from continuing operations

before income taxes

   $ 41,029    $ 53,123    $ 79,473    $ 58,468    $ 32,774

Add:

               

Interest expense

      20,825      17,711      16,120      16,457      33,363

Rental expense factor 1

      1,008      848      843      824      801

Discount and loan expense amortization

      613      593      578      471      3,075

Earnings available for fixed charges

    $ 63,475    $ 72,275    $ 97,014    $ 76,220    $ 70,013

Fixed charges:

               

Interest expense

    $ 20,825    $ 17,711    $ 16,120    $ 16,457    $ 33,363

Capitalized interest

      —      —      —      —      383

Rental expense factor 1

      1,008      848      843      824      801

Discount and loan expense amortization

      613      593      578      471      3,075

Total fixed charges

    $ 22,446    $ 19,152    $ 17,541    $ 17,752    $ 37,622

Ratio of earnings to fixed charges

      2.8      3.8      5.5      4.3      1.9

 

 

1

“Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense.

Certain 2004-2007 amounts have been reclassified to conform to the 2008 presentation.