Exhibit 12



Potlatch Corporation

Computation of Ratio of Earnings to Fixed
Charges

(in thousands)



|                                                                  |  |         |  |         |   |  |         |   |  |         |   |  |        
|----------------------------------------------------------------- |  | ------- |  | ------- | - |  | ------- | - |  | ------- | - |  | -------
|                                                                  |  | 2003    |  | 2002    |   |  | 2001    |   |  | 2000    |   |  | 1999   
|Earnings (loss) from continuing operations before taxes on income |  | 80,555  |  | (83,497 | ) |  | (92,731 | ) |  | (54,742 | ) |  | 84,210 
|Add:                                                              |  |         |  |         |   |  |         |   |  |         |   |  |        
|Interest expense                                                  |  | 48,172  |  | 59,882  |   |  | 77,853  |   |  | 59,438  |   |  | 45,442 
|Rental expense factor(1)                                          |  | 4,762   |  | 4,232   |   |  | 4,248   |   |  | 4,266   |   |  | 4,017  
|Discount and loan expense amortization                            |  | 3,757   |  | 2,688   |   |  | 3,755   |   |  | 508     |   |  | 460    
|                                                                  |  |         |  |         |   |  |         |   |  |         |   |  |        
|Earnings available for fixed charges                              |  | 137,246 |  | (16,695 | ) |  | (6,875  | ) |  | 9,470   |   |  | 134,129
|                                                                  |  |         |  |         |   |  |         |   |  |         |   |  |        
|Fixed charges:                                                    |  |         |  |         |   |  |         |   |  |         |   |  |        
|Interest expense                                                  |  | 48,172  |  | 59,882  |   |  | 77,853  |   |  | 59,438  |   |  | 45,442 
|Capitalized interest                                              |  | 2,907   |  | 300     |   |  | 1,032   |   |  | 3,964   |   |  | 10,320 
|Rental expense factor(1)                                          |  | 4,762   |  | 4,232   |   |  | 4,248   |   |  | 4,266   |   |  | 4,017  
|Discount and loan expense amortization                            |  | 3,757   |  | 2,688   |   |  | 3,755   |   |  | 508     |   |  | 460    
|                                                                  |  |         |  |         |   |  |         |   |  |         |   |  |        
|Total fixed charges                                               |  | 59,598  |  | 67,102  |   |  | 86,888  |   |  | 68,176  |   |  | 60,239 
|                                                                  |  |         |  |         |   |  |         |   |  |         |   |  |        
|Ratio of earnings to fixed charges                                |  | 2.3     |  | (.2     | ) |  | (.1     | ) |  | .1      |   |  | 2.2    



|(1) |  | Rental expense factor is the portion of rental expense estimated to be representative of the interest factor within rental expense.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------



The dollar amount of deficiency in earnings available for fixed charges for a one-to-one ratio for the
years 2002, 2001 and 2000 are $83,797, $93,763 and $58,706, respectively.