EX-12 15 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES.
Exhibit 12 Potlatch Corporation Computation of Ratio of Earnings to Fixed Charges (in thousands) 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Earnings (loss) before taxes on income (130,238) (54,449) 66,044 58,175 54,635 Add: Interest expense 77,853 59,438 45,442 49,744 46,124 Rental expense factor (1) 4,248 4,266 4,017 3,399 3,179 Discount and loan expense amortization 3,755 508 460 300 412 ----------------------------------------------------------------- Earnings available for fixed charges (44,382) 9,763 115,963 111,618 104,350 ================================================================ Fixed charges: Interest expense 77,853 59,438 45,442 49,744 46,124 Capitalized interest 1,032 3,964 10,320 5,070 6,068 Rental expense factor (1) 4,248 4,266 4,017 3,399 3,179 Discount and loan expense amortization 3,755 508 460 300 412 ---------------------------------------------------------------- Total fixed charges 86,888 68,176 60,239 58,513 55,783 =============================================================== Ratio of earnings to fixed charges (.5) .1 1.9 1.9 1.9
(1) "Rental expense factor" is the portion of rental expense estimated to be representative of the interest factor within rental expense. The dollar amount of deficiency in earnings available for fixed charges for a one-to-one ratio for the years 2001 and 2000 are $131,270 and $58,413, respectively.