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EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Six Months
Ended June 30,
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1997 1996
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Earnings:
Net Income $38,157 $46,881
Add:
Income Taxes 18,151 18,141
Minority Interest 14,287 16,537
Amortization of Capitalized Interest 536 982
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71,131 82,541
Adjustments to Earnings for Fixed Charges:
Interest and Other Financial Charges 11,907 14,243
Interest Factor Attributable to Rentals 1,094 722
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13,001 14,965
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EARNINGS AS ADJUSTED $84,132 $97,506
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Fixed Charges:
Fixed Charges above $13,001 $14,965
Capitalized Interest 3,076 865
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TOTAL FIXED CHARGES $16,077 $15,830
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RATIO OF EARNINGS AS ADJUSTED TO
TOTAL FIXED CHARGES 5.23 6.16
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