EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
Year Ended December 31
--------------------------------------------
2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Earnings:
Income from continuing operations................... $ 57,598 $ 78,187 $ 68,653 $ 63,635 $ 87,319
Add:
Income tax....................................... 24,964 30,458 29,467 26,519 33,328
Minority interest................................ -- -- -- -- 25,520
Amortization of capitalized interest............. 2,625 2,578 2,308 2,331 2,067
-------- -------- -------- -------- --------
85,187 111,223 100,428 92,485 148,234
-------- -------- -------- -------- --------
Adjustments to earnings for fixed charges:
Interest and other financial charges............. 69,083 85,753 42,193 34,712 25,868
Interest attributable to rentals................. 1,633 1,362 1,367 1,750 1,974
-------- -------- -------- -------- --------
70,716 87,115 43,560 36,462 27,842
-------- -------- -------- -------- --------
Earnings as adjusted................................ $155,903 $198,338 $143,988 $128,947 $176,076
======== ======== ======== ======== ========
Fixed charges:
Fixed charges above.............................. $ 70,716 $ 87,115 $ 43,560 $ 36,462 $ 27,842
Capitalized interest............................. -- -- 314 262 5,005
-------- -------- -------- -------- --------
Total fixed charges................................. $ 70,716 $ 87,115 $ 43,874 $ 36,724 $ 32,847
======== ======== ======== ======== ========
Ratio of earnings as adjusted to total fixed charges 2.20 2.28 3.28 3.51 5.36
======== ======== ======== ======== ========
Effective tax rate.................................. 30% 28% 30% 29% 28%
======== ======== ======== ======== ========