EXHIBIT 12
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
<TABLE>
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30,
-------------------------------------------- ----------------
1995 1996 1997 1998 1999 1999 2000
-------- ------- ------- ------- ------- ------- -------
Fixed Charges:
<S> <C> <C> <C> <C> <C> <C> <C>
Interest cost $ 77,237 103,338 136,929 145,579 129,282 65,585 61,601
One-third rent
expense 5,976 6,906 7,535 8,075 8,076 3,921 4,351
-------- ------- ------- ------- ------- ------- -------
Total Fixed Charges 83,213 110,244 144,464 153,654 137,358 69,506 65,952
-------- ------- ------- ------- ------- ------- -------
Add (Deduct):
Earnings before
income taxes 823,804 306,086 111,263 132,783 413,275 148,294 267,933
Interest capitalized (6,187) (10,534) (19,939) (13,589) (3,998) (1,216) (2,184)
-------- ------- ------- ------- ------- ------- -------
Earnings for
Fixed Charges $900,830 405,796 235,788 272,848 546,635 216,584 331,701
======== ======= ======= ======= ======= ======= =======
Ratio of Earnings to
Fixed Charges 10.83 3.68 1.63 1.78 3.98 3.12 5.03
======== ======= ======= ======= ======= ======= =======
</TABLE>
