EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Thousands of dollars)
Six Months Ended June 30, | ||||||
2002 | 2001 | |||||
As restated, See Note 2 | As restated, See Note 2 | |||||
Earnings: | ||||||
Income from continuing operations | $ | 26,570 | $ | 43,623 | ||
Add: | ||||||
Income taxes |
| 10,350 |
| 22,060 | ||
Amortization of capitalized interest |
| 1,313 |
| 1,289 | ||
| 38,233 |
| 66,972 | |||
Adjustments to earnings for fixed charges: | ||||||
Interest and other financial charges |
| 30,817 |
| 37,067 | ||
Interest attributable to rentals |
| 817 |
| 863 | ||
| 31,634 |
| 37,930 | |||
Earnings as Adjusted | $ | 69,867 | $ | 104,902 | ||
Total Fixed Charges Above | $ | 31,634 | $ | 37,930 | ||
Ratio of Earnings as Adjusted to Total Fixed Charges |
| 2.21 |
| 2.77 | ||