EX-12.(D) 6 v89321a1exv12wxdy.txt EXHIBIT 12(D) Weyerhaeuser Company and Subsidiaries EXHIBIT 12(d) - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES 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 AND PREFERRED AND PREFERENCE SHARE DIVIDENDS (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 $ 138,512 1,141,706 854,436 1,658,343 1,232,822 719,026 Add interest portion of rental expense 13,490 50,748 42,694 39,102 24,973 21,836 ------------ ---------- ---------- ---------- ---------- -------- 152,002 1,192,454 897,130 1,697,445 1,257,795 740,862 ------------ ---------- ---------- ---------- ---------- -------- Deduct undistributed earnings of equity affiliates (1,508) (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 (95,390) (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 (95,390) (165,911) (234,648) (259,449) (89,885) 65,578 ------------ ---------- ---------- ---------- ---------- -------- Available earnings before cumulative effect of a change in an accounting principle $ 55,104 1,022,026 632,701 1,413,975 1,147,454 776,547 ============ ========== ========== ========== ========== ======== Fixed charges and preferred and preference share dividends: Interest expense incurred $ 205,133 797,071 353,365 352,341 274,599 260,014 Amortization of debt expense 3,262 24,124 4,642 3,331 3,957 3,595 Interest portion of rental expense 13,490 50,748 42,694 39,102 24,973 21,836 Preferred and preference share dividends -- -- -- -- -- ------------ ---------- ---------- ---------- ---------- -------- Total fixed charges and preferred and preference share dividends $ 221,885 871,943 400,701 394,774 303,529 285,445 ============ ========== ========== ========== ========== ======== Ratio of earnings to fixed charges and preferred and preference share dividends 0.25x(2) 1.17 x 1.58 x 3.58 x 3.78 x 2.72 x
--------------- (2) Fixed charges exceeded earnings of 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 by approximately $167 million for the thirteen weeks ended March 30, 2003.