Rayonier Advanced Materials (RYAM) 10-K 2016 FY Annual report

Exhibit 12

Rayonier Advanced Materials Inc.

Computation of Ratios of Earnings to Fixed Charges

(in thousands of dollars, except ratios)

	For the Years Ended December 31,
	2016			2015			2014			2013			2012
Earnings:
Income before income taxes	$	112,601		$	82,864		$	40,471		$	288,915		$	342,489
Add:
Fixed charges	35,574			38,311			22,697			6,302			7,470
Amortization of capitalized interest	1,138			1,111			1,037			1,208			190
Less:
Capitalized interest	(752		)	(1,281		)	(117		)	(6,144		)	(7,178		)
Earnings as defined	$	148,561		$	121,005		$	64,088		$	290,281		$	342,971
Fixed Charges:
Interest expense and amortization of debt expense	$	34,627		$	36,869		$	22,378		$	—		$	—
Capitalized interest	752			1,281			117			6,144			7,178
Interest factor attributable to rental expense	195			161			202			158			292
Total Fixed Charges	$	35,574		$	38,311		$	22,697		$	6,302		$	7,470
Ratio of earnings to fixed charges	4.18			3.16			2.82			46.06			45.91

For periods prior to the Separation, Rayonier's interest expense on general corporate debt was not allocated to the Company. The property, plant and equipment balance for the Company includes previously capitalized interest for periods prior to the Separation.