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EX-32.2 - SECTION 906 CFO CERTIFICATION - PLUM CREEK TIMBER CO INCex32220150630.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - PLUM CREEK TIMBER CO INCex31120150630.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - PLUM CREEK TIMBER CO INCex31220150630.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - PLUM CREEK TIMBER CO INCex32120150630.htm
10-Q - QUARTERLY REPORT ON FORM 10-Q - PLUM CREEK TIMBER CO INCa10-q20150630.htm
Exhibit 12.1



Plum Creek Timber Company, Inc.
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
Years Ended December 31,
(Dollars in Millions)
  
6 Months Ended June 30, 2015
  
2014
 
2013
 
2012
 
2011
 
2010
Consolidated Pretax Income from Continuing Operations
  
$
23

  
$
156

 
$
151

 
$
141

 
$
136

 
$
146

Fixed Charges (per below)
  
84

  
169

 
144

 
144

 
144

 
143

Distributed Income of Equity Investees
  
33

  
82

 
56

 
56

 
56

 
57

Interest Capitalized
  

  

 

 
(1
)
 
(1
)
 
(1
)
     Earnings
  
$
140

  
$
407

 
$
351

 
$
340

 
$
335

 
$
345

 
  
 

  
 

 
 

 
 

 
 

 
 

Interest and Other Financial Charges
  
$
83

  
$
166

 
$
141

 
$
142

 
$
141

 
$
140

Interest Portion of Rental Expense
  
1

  
3

 
3

 
2

 
3

 
3

     Fixed Charges
  
$
84

  
$
169

 
$
144

 
$
144

 
$
144

 
$
143

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
  
1.7

  
2.4

 
2.4

 
2.4

 
2.3

 
2.4




Plum Creek Timberlands, L.P.
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
Years Ended December 31,
(Dollars in Millions)
  
6 Months Ended June 30, 2015
  
2014
 
2013
 
2012
 
2011
 
2010
Consolidated Pretax Income from Continuing Operations
  
$
52

  
$
214

 
$
209

 
$
199

 
$
194

 
$
204

Fixed Charges (per below)
  
55

  
111

 
86

 
86

 
86

 
85

Distributed Income of Equity Investees
  
33

  
82

 
56

 
56

 
56

 
57

Interest Capitalized
  

  

 

 
(1
)
 
(1
)
 
(1
)
     Earnings
  
$
140

  
$
407

 
$
351

 
$
340

 
$
335

 
$
345

 
  
 
  
 

 
 

 
 

 
 

 
 

Interest and Other Financial Charges
  
$
54

  
$
108

 
$
83

 
$
84

 
$
83

 
$
82

Interest Portion of Rental Expense
  
1

  
3

 
3

 
2

 
3

 
3

     Fixed Charges
  
$
55

  
$
111

 
$
86

 
$
86

 
$
86

 
$
85

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
  
2.5

  
3.7

 
4.1

 
4.0

 
3.9

 
4.1


During 2008, PC Ventures I, LLC (“PC Ventures”), a 100% wholly-owned subsidiary of Plum Creek Timber Company, Inc., made a $783 million capital contribution to Plum Creek Timberlands, L.P. in exchange for a Series T-1 Redeemable Preferred Limited Partnership Interest (“Series T-1 Preferred Interest”), a preferred interest in Plum Creek Timberlands, L.P. The Series T-1 Preferred Interest provides for a return of 7.375% per annum (approximately $58 million) on its contributed capital of $783 million. In the computation of the ratio of earnings to fixed charges for Plum Creek Timberlands, L.P. above, the Series T-1 Preferred Interest is not subtracted from Consolidated Pretax Income from Continuing Operations and has been excluded from the calculation of Fixed Charges because these transactions are between affiliated entities. Further discussion of the Series T-1 Preferred Interest in Plum Creek Timberlands, L.P. can be found in the audited consolidated financial statements of Plum Creek Timberlands, L.P. for the three years ended December 31, 2014, which were included on Form 10-K of Plum Creek Timber Company, Inc. and filed with the SEC on February 26, 2015.