Rayonier (RYN) 10-K 2016 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,
	2016		2015			2014			2013			2012
Earnings:
Income from continuing operations	$	217,770	$	43,941		$	54,443		$	105,843		$	16,774
Income tax expense (benefit)	5,064		(859		)	(9,601		)	(35,685		)	(27,060		)
Pre-tax income from continuing operations	222,834		43,082			44,842			70,158			(10,286		)
Add:
Interest expense	32,456		31,718			44,248			40,941			42,826
Interest factor attributable to rentals	171		236			301			540			424
Fixed charges	32,627		31,954			44,549			41,481			43,250
Subtract:
Capitalized Interest	$	211	$	19
Earnings as adjusted	$	255,250	$	75,017		$	89,391		$	111,639		$	32,964
Fixed Charges:	$	32,627	$	31,954		$	44,549		$	41,481		$	43,250
Ratio of earnings as adjusted to total fixed charges	7.82		2.35			2.01			2.69			0.76
Deficiency	—		—			—			—			(10,286		)