Exhibit 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
For the Years Ended December 31, | |||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||
Earnings: | |||||||||||||||||
Income from continuing operations | $ | 148,583 | $ | 173,559 | $ | 171,134 | $ | 202,477 | $ | 160,063 | |||||||
Add: | |||||||||||||||||
Income tax expense (benefit) | 29,435 | 23,350 | 19,085 | (20,139 | ) | (33,649 | ) | ||||||||||
Amortization of capitalized interest | 45 | 1,871 | 2,004 | 1,876 | 2,408 | ||||||||||||
178,063 | 198,780 | 192,223 | 184,214 | 128,822 | |||||||||||||
Adjustments to earnings for fixed charges: | |||||||||||||||||
Interest and other financial charges | 50,729 | 57,448 | 48,905 | 46,961 | 46,718 | ||||||||||||
Interest factor attributable to rentals | 761 | 496 | 636 | 722 | 476 | ||||||||||||
51,490 | 57,944 | 49,541 | 47,683 | 47,194 | |||||||||||||
Earnings as adjusted | $ | 229,553 | $ | 256,724 | $ | 241,764 | $ | 231,897 | $ | 176,016 | |||||||
Fixed Charges: | |||||||||||||||||
Fixed charges above | $ | 51,490 | $ | 57,944 | $ | 49,541 | $ | 47,683 | $ | 47,194 | |||||||
Capitalized interest | — | 32 | 1,020 | — | — | ||||||||||||
Total fixed charges | $ | 51,490 | $ | 57,976 | $ | 50,561 | $ | 47,683 | $ | 47,194 | |||||||
Ratio of earnings as adjusted to total fixed charges | 4.46 | 4.43 | 4.78 | 4.86 | 3.73 | ||||||||||||