Exhibit (12)
POTLATCH CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
| Earnings from continuing operations before income taxes |
$ | 41,029 | $ | 53,123 | $ | 79,473 | $ | 58,468 | $ | 32,774 | |||||
| Add: |
|||||||||||||||
| Interest expense |
20,825 | 17,711 | 16,120 | 16,457 | 33,363 | ||||||||||
| Rental expense factor 1 |
1,008 | 848 | 843 | 824 | 801 | ||||||||||
| Discount and loan expense amortization |
613 | 593 | 578 | 471 | 3,075 | ||||||||||
| Earnings available for fixed charges |
$ | 63,475 | $ | 72,275 | $ | 97,014 | $ | 76,220 | $ | 70,013 | |||||
| Fixed charges: |
|||||||||||||||
| Interest expense |
$ | 20,825 | $ | 17,711 | $ | 16,120 | $ | 16,457 | $ | 33,363 | |||||
| Capitalized interest |
— | — | — | — | 383 | ||||||||||
| Rental expense factor 1 |
1,008 | 848 | 843 | 824 | 801 | ||||||||||
| Discount and loan expense amortization |
613 | 593 | 578 | 471 | 3,075 | ||||||||||
| Total fixed charges |
$ | 22,446 | $ | 19,152 | $ | 17,541 | $ | 17,752 | $ | 37,622 | |||||
| Ratio of earnings to fixed charges |
2.8 | 3.8 | 5.5 | 4.3 | 1.9 | ||||||||||
| 1 |
“Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense. |
Certain 2004-2007 amounts have been reclassified to conform to the 2008 presentation.