Trees pruned in stands of ponderosa pine (Pinus ponderosa) man- aged at several growing stock levels were used to-determine the number of years for pruning wounds to heal. The mean time for pruning wounds to heal was 11 years. Costs and returns from pruning the butt log of trees to be retained to final harvest were analyzed. Pruning to a height of 8.5 ft cost $0.58 per tree: pruning to a height of 17.5 ft cost $1.78 per tree. Trees pruned to 17.5 ft for production of clear grades of lumber in 16-ft lengths would earn real internal rates of return ranging from 7.8 to 14.0% for several stand conditions and management re- gimes. Trees pruned to a height of 8.5 ft, to produce 8-ft lumber, earned IRRs some- what higher, 8.6 to 16.1 %. Outcomes are best on productive sites if pruning costs are kept low and if high-valued products are anticipated.