WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
<TABLE>
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30,
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1995 1996 1997 1998 1999 1999 2000
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Fixed Charges:
<S> <C> <C> <C> <C> <C> <C> <C>
Interest cost $ 77,237 103,338 136,929 145,579 129,282 97,727 93,910
One-third rent
expense 5,976 6,906 7,535 8,075 8,076 5,932 6,505
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Total Fixed Charges 83,213 110,244 144,464 153,654 137,358 103,659 100,415
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Add (Deduct):
Earnings before
income taxes 823,804 306,086 111,263 132,783 413,275 282,986 395,316
Interest capitalized (6,187) (10,534) (19,939) (13,589) (3,998) (2,290) (3,365)
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Earnings for
Fixed Charges $900,830 405,796 235,788 272,848 546,635 384,355 492,366
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Ratio of Earnings to
Fixed Charges 10.83 3.68 1.63 1.78 3.98 3.71 4.90
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