EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Thousands of dollars)
Nine Months Ended September 30, | ||||||
2002 | 2001 | |||||
As restated, See Note 2 | As restated, See Note 2 | |||||
Earnings: | ||||||
Income from continuing operations | $ | 42,048 | $ | 49,621 | ||
Add: | ||||||
Income taxes |
| 16,716 |
| 22,404 | ||
Amortization of capitalized interest |
| 1,946 |
| 1,933 | ||
| 60,710 |
| 73,958 | |||
Adjustments to earnings for fixed charges: | ||||||
Interest and other financial charges |
| 45,349 |
| 53,806 | ||
Interest attributable to rentals |
| 1,225 |
| 1,295 | ||
| 46,574 |
| 55,101 | |||
Earnings as Adjusted | $ | 107,284 | $ | 129,059 | ||
Total Fixed Charges Above | $ | 46,574 | $ | 55,101 | ||
Ratio of Earnings as Adjusted to Total Fixed Charges |
| 2.30 |
| 2.34 | ||
