Rayonier (RYN) 10-K 2010 FY Annual report

EXHIBIT 12

RAYONIER INC. AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited, thousands of dollars)

	For the Years Ended December 31,
	2010		2009		2008		2007		2006
Earnings:
Income from continuing operations	$	217,586	$	312,541	$	148,583	$	173,559	$	171,134
Income tax expense		15,217		46,336		29,436		23,350		19,085
Pre-tax income from continuing operations		232,803		358,877		178,019		196,909		190,219
Add:
Interest expensed and capitalized		50,545		52,495		50,729		57,480		49,925
Interest factor attributable to rentals		461		354		761		496		636
Fixed charges		51,006		52,849		51,490		57,976		50,561
Amortization of capitalized interest		47		41		45		1,871		2,004
Subtract:
Capitalized interest		82		54		—		32		1,020
Earnings as adjusted	$	283,774	$	411,713	$	229,554	$	256,724	$	241,764
Fixed Charges:	$	51,006	$	52,849	$	51,490	$	57,976	$	50,561
Ratio of earnings as adjusted to total fixed charges		5.56		7.79		4.46		4.43		4.78