Exhibit 12.1
Rayonier, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(Unaudited, thousands of dollars)
Six Months Ended June 30, | For the Years Ended December 31, | ||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income from continuing operations | $ | 95,511 | $ | 312,541 | $ | 148,583 | $ | 173,559 | $ | 171,134 | $ | 202,477 | |||||||
Income tax expense (benefit) | 13,554 | 46,336 | 29,436 | 23,350 | 19,085 | (20,139 | ) | ||||||||||||
Pre-tax income from continuing operations | 109,065 | 358,877 | 178,019 | 196,909 | 190,219 | 182,338 | |||||||||||||
Add: | |||||||||||||||||||
Interest expensed and capitalized | 24,763 | 52,495 | 50,729 | 57,480 | 49,925 | 46,961 | |||||||||||||
Interest factor attributable to rentals | 177 | 354 | 761 | 496 | 636 | 722 | |||||||||||||
Fixed charges | 24,940 | 52,849 | 51,490 | 57,976 | 50,561 | 47,683 | |||||||||||||
Amortization of capitalized interest | 21 | 41 | 45 | 1,871 | 2,004 | 1,876 | |||||||||||||
Subtract: | |||||||||||||||||||
Capitalized interest | 27 | 54 | — | 32 | 1,020 | — | |||||||||||||
Earnings as adjusted | $ | 133,999 | $ | 411,713 | $ | 229,554 | $ | 256,724 | $ | 241,764 | $ | 231,897 | |||||||
Fixed Charges: | $ | 24,940 | $ | 52,849 | $ | 51,490 | $ | 57,976 | $ | 50,561 | $ | 47,683 | |||||||
Ratio of earnings as adjusted to total fixed charges | 5.37 | 7.79 | 4.46 | 4.43 | 4.78 | 4.86 | |||||||||||||