EX-12.(A) 3 v89321a1exv12wxay.txt EXHIBIT 12(A) Weyerhaeuser Company and Subsidiaries EXHIBIT 12(a) - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES WEYERHAEUSER COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands)
Thirteen Weeks Ended ----------- March 30, 2003 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 $ 153,324 $ 1,195,485 $ 1,006,969 $ 1,677,577 $ 1,276,905 $ 756,715 Add interest portion of rental expense 14,455 54,218 45,655 42,063 27,515 23,698 --------- ----------- ----------- ----------- ----------- --------- Available earnings before cumulative effect of a change in an accounting principle $ 167,779 $ 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 $ 205,133 $ 797,071 $ 353,365 $ 352,341 $ 274,599 $ 260,014 Weyerhaeuser Real Estate Company and other related subsidiaries 13,482 52,926 68,887 83,556 74,436 81,857 --------- ----------- ----------- ----------- ----------- --------- Subtotal 218,615 849,997 422,252 435,897 349,035 341,871 Less intercompany interest 63 (800) (924) (568) (2,230) (13,753) --------- ----------- ----------- ----------- ----------- --------- Total interest expense incurred 218,678 849,197 421,328 435,329 346,805 328,118 --------- ------------ ----------- ----------- ----------- --------- Amortization of debt expense 3,262 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 40,469 152,243 128,082 117,307 74,918 65,508 Weyerhaeuser Real Estate Company and other related subsidiaries 2,895 10,410 8,883 8,882 7,627 5,586 --------- ----------- ----------- ----------- ----------- --------- 43,364 162,653 136,965 126,189 82,545 71,094 --------- ----------- ----------- ----------- ----------- --------- Interest portion of rental expense 14,455 54,218 45,655 42,063 27,515 23,698 --------- ----------- ----------- ----------- ----------- --------- Total fixed charges $ 236,395 $ 927,539 $ 471,625 $ 480,723 $ 378,277 $ 355,411 ========= =========== =========== =========== =========== ========= Ratio of earnings to fixed charges 0.71x(1) 1.35 x 2.23 x 3.58 x 3.45 x 2.20 x
---------------------- (1) Fixed charges exceeded earnings of Weyerhauser Company and subsidiaries by approximately $69 million for the thirteen weeks ended March 30, 2003.