Weyerhaeuser Company and Subsidiaries

EXHIBIT 12 – Computation of Ratios of Earnings to Fixed Charges

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

					2002			2001			2000			1999			1998
Available earnings:
		Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle			$	1,195,485		$	1,006,969		$	1,677,577		$	1,276,905		$	756,715
		Add interest portion of rental expense				54,218			45,655			42,063			27,515			23,698
	Available earnings before cumulative effect of a change in an accounting principle				$	1,249,703		$	1,052,624		$	1,719,640		$	1,304,420		$	780,413
Fixed charges:
		Interest expense incurred:
				Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries	$	797,071		$	353,365		$	352,341		$	274,599		$	260,014
				Weyerhaeuser Real Estate Company and other related subsidiaries		52,926			68,887			83,556			74,436			81,857
				Subtotal		849,997			422,252			435,897			349,035			341,871
				Less intercompany interest		(800	)		(924	)		(568	)		(2,230	)		(13,753	)
		Total interest expense incurred				849,197			421,328			435,329			346,805			328,118
		Amortization of debt expense				24,124			4,642			3,331			3,957			3,595
		Rental expense:
				Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries		152,243			128,082			117,307			74,918			65,508
				Weyerhaeuser Real Estate Company and other related subsidiaries		10,410			8,883			8,882			7,627			5,586
						162,653			136,965			126,189			82,545			71,094
		Interest portion of rental expense				54,218			45,655			42,063			27,515			23,698
			Total fixed charges		$	927,539		$	471,625		$	480,723		$	378,277		$	355,411
			Ratio of earnings to fixed charges			1.35x			2.23x			3.58x			3.45x			2.20x

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)

					2002			2001			2000			1999			1998
Available earnings:
		Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle			$	1,141,706		$	854,436		$	1,658,343		$	1,232,822		$	719,026
		Add interest portion of rental expense				50,748			42,694			39,102			24,973			21,836
						1,192,454			897,130			1,697,445			1,257,795			740,862
		Deduct undistributed earnings of equity affiliates				(4,517	)		(29,781	)		(24,021	)		(20,456	)		(29,893	)
	Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries:
				Deduct pretax earnings		(335,911	)		(264,648	)		(259,449	)		(189,885	)		(124,422	)
				Add back dividends paid to Weyerhaeuser Company		170,000			30,000			—			100,000			190,000
				Undistributed earnings		(165,911	)		(234,648	)		(259,449	)		(89,885	)		65,578
			Available earnings before cumulative effect of a change in an accounting principle		$	1,022,026		$	632,701		$	1,413,975		$	1,147,454		$	776,547
Fixed charges:
		Interest expense incurred			$	797,071		$	353,365		$	352,341		$	274,599		$	260,014
		Amortization of debt expense				24,124			4,642			3,331			3,957			3,595
		Interest portion of rental expense				50,748			42,694			39,102			24,973			21,836
		Total fixed charges			$	871,943		$	400,701		$	394,774		$	303,529		$	285,445
		Ratio of earnings to fixed charges				1.17x			1.58x			3.58x			3.78x			2.72x