Rayonier (RYN) 10-K 2011 FY Annual report

EXHIBIT 12

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
Pre-tax income from continuing operations	306,362		232,803		358,877		178,019		196,909
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
Fixed charges	52,102		51,006		52,849		51,490		57,976
Amortization of capitalized interest	60		47		41		45		1,871
Subtract:
Capitalized interest	903		82		54		—		32
Earnings as adjusted	$	357,621	$	283,774	$	411,713	$	229,554	$	256,724
Fixed Charges:	$	52,102	$	51,006	$	52,849	$	51,490	$	57,976
Ratio of earnings as adjusted to total fixed charges	6.86		5.56		7.79		4.46		4.43