Rayonier (RYN) 10-Q 2005 Q3 Quarterly report

EXHIBIT 12

Rayonier Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Nine Months Ended September 30,
	2005			2004
Earnings:
Income from Continuing Operations	$	151,309		$	146,059
Add:
Income tax expense/(benefit)		(25,652	)		(32,439	)
Amortization of capitalized interest		1,791			1,842
		127,448			115,462
Adjustments to earnings for fixed charges:
Interest and other financial charges		34,912			34,611
Interest factor attributable to rentals		357			216
		35,269			34,827
Earnings as adjusted	$	162,717		$	150,289
Fixed Charges:
Fixed charges above	$	35,269		$	34,827
Capitalized interest
Total fixed charges	$	35,269		$	34,827
Ratio of earnings as adjusted to total fixed charges		4.61			4.32