EXHIBIT 12.1
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
| For the Years Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations | $ | 276,005 | $ | 217,586 | $ | 312,541 | $ | 148,583 | $ | 173,559 | ||||||||||
Income tax expense | 30,357 | 15,217 | 46,336 | 29,436 | 23,350 | |||||||||||||||
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Pre-tax income from continuing operations | 306,362 | 232,803 | 358,877 | 178,019 | 196,909 | |||||||||||||||
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Add: | ||||||||||||||||||||
Interest expensed and capitalized | 51,678 | 50,545 | 52,495 | 50,729 | 57,480 | |||||||||||||||
Interest factor attributable to rentals | 424 | 461 | 354 | 761 | 496 | |||||||||||||||
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Fixed charges | 52,102 | 51,006 | 52,849 | 51,490 | 57,976 | |||||||||||||||
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Amortization of capitalized interest | 60 | 47 | 41 | 45 | 1,871 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Capitalized interest | 903 | 82 | 54 | — | 32 | |||||||||||||||
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Earnings as adjusted | $ | 357,621 | $ | 283,774 | $ | 411,713 | $ | 229,554 | $ | 256,724 | ||||||||||
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Fixed Charges: | $ | 52,102 | $ | 51,006 | $ | 52,849 | $ | 51,490 | $ | 57,976 | ||||||||||
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Ratio of earnings as adjusted to total fixed charges | 6.86 | 5.56 | 7.79 | 4.46 | 4.43 | |||||||||||||||
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