Slow replace macro

I've got a problem with a simple replace macro running very slowly. I first tried it on a selection containing 12K rows. It ran in about a minute. I then tried it on a selection containing 5 cells: it took about the same length of time. I'd appreciate any insight you can provide.

Thanks,
John

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No, don't apologize, you ARE a big help. I shut down Excel, reopened it, ran the macro as a test, and it flew! Apparently my workbook has some of that bloating, so now I know just to check for that. Thanks for whittling down my search so quickly.