EXHIBIT 12.1
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Years Ended December 31, |
| 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
Earnings: | | | | | | | | | | | |
Income from continuing operations | $ | 42,706 |
| | $ | 161,579 |
| | $ | 217,770 |
| | $ | 43,941 |
| | $ | 54,443 |
| | $ | 105,843 |
|
Income tax expense (benefit) | 6,936 |
| | 21,681 |
| | 5,064 |
| | (859 | ) | | (9,601 | ) | | (35,685 | ) |
Pre-tax income from continuing operations | 49,642 |
| | 183,260 |
| | 222,834 |
| | 43,082 |
| | 44,842 |
| | 70,158 |
|
Add: | | | | | | | | | | | |
Interest expense | 8,216 |
| | 34,616 |
| | 32,456 |
| | 31,718 |
| | 44,248 |
| | 40,941 |
|
Interest factor attributable to rentals | 35 |
| | 137 |
| | 171 |
| | 236 |
| | 301 |
| | 540 |
|
Fixed charges | 8,251 |
| | 34,753 |
| | 32,627 |
| | 31,954 |
| | 44,549 |
| | 41,481 |
|
Subtract: | | | | | | | | | | | |
Capitalized Interest | 164 |
| | 545 |
| | 211 |
| | 19 |
| | — |
| | — |
|
Earnings as adjusted | 57,729 |
| | 217,468 |
| | 255,250 |
| | 75,017 |
| | 89,391 |
| | 111,639 |
|
Fixed Charges: | $ | 8,251 |
| | $ | 34,753 |
| | $ | 32,627 |
| | $ | 31,954 |
| | $ | 44,549 |
| | $ | 41,481 |
|
Ratio of earnings to fixed charges | 7.00 |
| | 6.26 |
| | 7.82 |
| | 2.35 |
| | 2.01 |
| | 2.69 |
|
| | | | | | | | | | | |
Deficiency | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|