<SEC-DOCUMENT>0001181431-12-063438.txt : 20121210
<SEC-HEADER>0001181431-12-063438.hdr.sgml : 20121210
<ACCEPTANCE-DATETIME>20121210162819
ACCESSION NUMBER:		0001181431-12-063438
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20121207
FILED AS OF DATE:		20121210
DATE AS OF CHANGE:		20121210

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POTLATCH CORP
		CENTRAL INDEX KEY:			0001338749
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				820156045
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		601 WEST FIRST AVENUE
		STREET 2:		SUITE 1600
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99201
		BUSINESS PHONE:		(509) 835-1500

	MAIL ADDRESS:	
		STREET 1:		601 WEST FIRST AVENUE
		STREET 2:		SUITE 1600
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Potlatch Holdings, Inc.
		DATE OF NAME CHANGE:	20050914

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PEIROS LARRY
		CENTRAL INDEX KEY:			0001184042

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32729
		FILM NUMBER:		121253593

	MAIL ADDRESS:	
		STREET 1:		1221BROADWAY
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd362918.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2012-12-07</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001338749</issuerCik>
        <issuerName>POTLATCH CORP</issuerName>
        <issuerTradingSymbol>PCH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001184042</rptOwnerCik>
            <rptOwnerName>PEIROS LARRY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>601 W. FIRST AVENUE, SUITE 1600</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SPOKANE</rptOwnerCity>
            <rptOwnerState>WA</rptOwnerState>
            <rptOwnerZipCode>99201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>38.94</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2012-12-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1669.235</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.94</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1669.235</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18941.072</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Phantom stock units are credited to the reporting person's account on the transaction date in accordance with the provisions of the Potlatch Corporation Deferred Compensation Plan for Directors II and will be converted to cash and paid on a 1-for-1 basis with the issuer's common stock.</footnote>
        <footnote id="F2">Phantom stock units will be converted to cash and paid upon the reporting person's termination from service with Potlatch in accordance with the provisions of the Potlatch Corporation Deferred Compensation Plan for Directors II.</footnote>
        <footnote id="F3">Phantom stock unit beneficial ownership represents phantom stock allocated to the reporting person's Deferred Compensation Account since the reporting person's last report.  These phantom stock allocations represent an annual award grant.</footnote>
        <footnote id="F4">Includes phantom stock allocated to the reporting person's Deferred Compensation Account since the reporting person's last report that represents quarterly dividends.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Lorrie D. Scott, Attorney-in-Fact</signatureName>
        <signatureDate>2012-12-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
