EX-12.(B) 8 v76164orex12-b.txt EXHIBIT 12(B) EXHIBIT 12(b) WEYERHAEUSER COMPANY WITH ITS WEYERHAEUSER REAL ESTATE COMPANY, WEYERHAEUSER FINANCIAL SERVICES, INC. AND GRYPHON INVESTMENTS OF NEVADA, INC. 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)
TWENTY-SIX WEEKS ENDING ----------------------------- JULY 1, JUNE 25 2001 2000 2000 1999 ----------- ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 583,225 $ 867,591 $ 1,658,343 $ 1,232,822 Add interest portion of rental expense ................... 21,230 21,836 39,102 24,973 ----------- ----------- ----------- ----------- 604,455 889,427 1,697,445 1,257,795 ----------- ----------- ----------- ----------- Deduct undistributed earnings of equity affiliates ....... (28,461) (19,866) (24,021) (20,456) ----------- ----------- ----------- ----------- Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company, Weyerhaeuser Financial Services, Inc. and Gryphon Investments of Nevada, Inc. and their subsidiaries: Deduct pretax earnings .............................. (130,861) (126,707) (259,449) (189,885) Addback dividends paid to Weyerhaeuser .............. 30,000 0 0 100,000 ----------- ----------- ----------- ----------- Undistributed earnings ........................ (100,861) (126,707) (259,449) (89,885) ----------- ----------- ----------- ----------- Available earnings before extraordinary item ............. $ 475,133 $ 742,854 $ 1,413,975 $ 1,147,454 =========== =========== =========== =========== Fixed charges: Interest expense incurred ................................ $ 173,880 $ 171,022 $ 352,341 $ 274,599 Amortization of debt expense ............................. 1,748 1,644 3,331 3,957 Interest portion of rental expense ....................... 21,230 19,619 39,102 24,973 ----------- ----------- ----------- ----------- Fixed charges ....................................... $ 196,858 $ 192,285 $ 394,774 $ 303,529 =========== =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.41 3.86 3.58 3.78 =========== =========== =========== ===========
1998 1997 1996 ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 719,026 $ 795,637 $ 972,405 Add interest portion of rental expense ................... 21,836 22,003 16,826 ----------- ----------- ----------- 740,862 817,640 989,231 ----------- ----------- ----------- Deduct undistributed earnings of equity affiliates ....... (29,893) (2,729) 0 ----------- ----------- ----------- Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company, Weyerhaeuser Financial Services, Inc. and Gryphon Investments of Nevada, Inc. and their subsidiaries: Deduct pretax earnings .............................. (124,422) (111,280) (43,555) Addback dividends paid to Weyerhaeuser .............. 190,000 150,000 0 ----------- ----------- ----------- Undistributed earnings ........................ 65,578 38,720 (43,555) ----------- ----------- ----------- Available earnings before extraordinary item ............. $ 776,547 $ 853,631 $ 945,676 =========== =========== =========== Fixed charges: Interest expense incurred ................................ $ 260,014 $ 267,644 $ 269,927 Amortization of debt expense ............................. 3,595 3,225 3,237 Interest portion of rental expense ....................... 21,836 22,003 16,826 ----------- ----------- ----------- Fixed charges ....................................... $ 285,445 $ 292,872 $ 289,990 =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.72 2.91 3.26 =========== =========== ===========