Actor Tim Allen and his wife Jane added a new bundle of joy to their family -- and ET's Mary Hart has all the precious details!

The couple-- who has been married since October 2006 -- welcomed their newborn daughter, Elizabeth, into the world on Saturday in Los Angeles. Their new baby girl weighed in at 5 pounds, 13 ounces.

Mary got the call from the couple about their new baby just four hours after their daughter's birth. "I'm absolutely ecstatic for my good friends Tim and Jane and their new beautiful newborn, Elizabeth," she says of the couple's new girl.

Mary jokes that the women of the family are doing fantastic while Tim is exhausted!

This is the first child for Jane. Tim has another daughter Katherine, 19, from a previous marriage.

"The couple is thrilled at the arrival of their new baby and are doing great," Tim's publicist, Marleah Leslie, tells ET.

Tim's next film 'Crazy on the Outside' is due out later this year, while his highly anticipated animated adventure 'Toy Story 3' is set to be released in 2010.

Watch ET tomorrow to see the exclusive picture of the couple's newborn baby girl!