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EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
Year Ended December 31,
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1996 l995 1994 1993 1992
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Earnings:
Income (loss) from continuing operations
before cumulative effect of
accounting changes $ (160) $ 142,348 $ 70,032 $ 52,466 $ (81,520)
Add (deduct):
Undistributed equity (income) loss -- -- -- -- 3,257
Income tax (13,297) 65,711 38,038 30,432 (50,366)
Minority interest 27,474 29,897 32,419 22,508 22,702
Amortization of capitalized interest 4,505 1,963 1,644 1,411 1,486
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18,522 239,919 142,133 106,817 (104,441)
Adjustments to earnings for fixed charges: 27,662 33,615 31,065 23,368 21,327
Interest and other financial charges 2,187 1,444 1,474 1,760 1,870
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Interest factor attributable to rentals 29,849 35,059 32,539 25,128 23,197
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Earnings as adjusted $ 48,371 $ 274,978 $ 174,672 $ 131,945 $ (81,244)
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Fixed charges:
Fixed charges above $ 29,849 $ 35,059 $ 32,539 $ 25,128 $ 23,197
Capitalized interest 2,664 1,346 194 -- 893
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Total fixed charges 32,513 36,405 32,733 25,128 24,090
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Dividends on preferred stock (pre-tax
income basis) -- -- -- -- 714
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Total fixed charges and preferred
dividend requirement $ 32,513 $ 36,405 $ 32,733 $ 25,128 $ 24,804
========= ========= ========= ========= =========
Ratio of earnings as adjusted to total fixed
charges and preferred dividend requirement 1.49 7.55 5.34 5.25 *
========= ========= ========= ========= =========
Effective tax rare (42)% 32% 35% 37% (38)%
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* Earnings are inadequate to cover total fixed charges and preferred dividend
requirement by $106,048.