EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
Three Months Ended March 31, | ||||||
2002 | 2001 | |||||
As restated | As restated | |||||
Earnings: | ||||||
Income from continuing operations | $ | 9,401 | $ | 12,252 | ||
Add: | ||||||
Income tax |
| 3,934 |
| 6,188 | ||
Amortization of capitalized interest |
| 656 |
| 644 | ||
| 13,991 |
| 19,084 | |||
Adjustments to earnings for fixed charges: | ||||||
Interest and other financial charges |
| 15,473 |
| 19,223 | ||
Interest attributable to rentals |
| 408 |
| 432 | ||
| 15,881 |
| 19,655 | |||
Earnings as Adjusted | $ | 29,872 | $ | 38,739 | ||
Fixed charges: | ||||||
Fixed charges above | $ | 15,881 | $ | 19,655 | ||
Capitalized interest |
| — |
| — | ||
Total Fixed Charges | $ | 15,881 | $ | 19,655 | ||
Ratio of Earnings as Adjusted to | ||||||
Total Fixed Charges |
| 1.88 |
| 1.97 | ||