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EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
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| Three Months Ended March 31, |
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| 2003 |
| 2002 |
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Earnings: |
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|
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|
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Net income |
| $ | 8,236 |
| $ | 9,401 |
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Add: |
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|
|
|
|
|
|
Income from discontinued operations |
|
| — |
|
| (424 | ) |
Income tax (benefit) provision |
|
| (328 | ) |
| 3,568 |
|
Amortization of capitalized interest |
|
| 531 |
|
| 656 |
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|
|
|
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|
|
| 8,439 |
|
| 13,201 |
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|
|
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Adjustments to earnings for fixed charges: |
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|
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Interest and other financial charges |
|
| 12,386 |
|
| 15,473 |
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Interest attributable to rentals |
|
| 216 |
|
| 409 |
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|
|
|
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|
|
| 12,602 |
|
| 15,882 |
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Earnings as Adjusted |
| $ | 21,041 |
| $ | 29,083 |
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Fixed charges: |
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Fixed charges above |
| $ | 12,602 |
| $ | 15,882 |
|
Capitalized interest |
|
| — |
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| — |
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Total Fixed Charges |
| $ | 12,602 |
| $ | 15,882 |
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Ratio of Earnings as Adjusted to Total Fixed Charges |
|
| 1.67 |
|
| 1.83 |
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Effective tax rate |
|
| (4 | )% |
| 28 | % |
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