EX-12.1 22 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

POTLATCH CORPORATION

Computation of Ratio of Earnings to Fixed Charges

 

(In thousands)                         
     2009    2008    2007    2006    2005

Earnings from continuing operations before income taxes

    $ 64,783    $ 47,742    $ 56,911    $ 79,473    $ 58,468

Add:

               

Interest expense

      20,856      20,825      17,711      16,120      16,457

Rental expense factor 1

      862      1,008      848      843      824

Discount and loan expense amortization

      1,136      613      593      578      471
                                  

Earnings available for fixed charges

    $ 87,637    $ 70,188    $ 76,063    $ 97,014    $ 76,220
                                  

Fixed charges:

               

Interest expense

    $ 20,856    $ 20,825    $ 17,711    $ 16,120    $ 16,457

Capitalized interest

      —        —        —        —        —  

Rental expense factor 1

      862      1,008      848      843      824

Discount and loan expense amortization

      1,136      613      593      578      471
                                  

Total fixed charges

    $ 22,854    $ 22,446    $ 19,152    $ 17,541    $ 17,752
                                  

Ratio of earnings to fixed charges

      3.8      3.1      4.0      5.5      4.3
                                  

 

1

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

Certain 2005-2008 amounts have been reclassified to conform to the 2009 presentation. Also, see Note 18 to the consolidated financial statements.