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EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Nine Months
Ended September 30,
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1997 1996
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Earnings:
Net Income $ 61,398 $ 62,449
Add:
Income Taxes 25,129 24,900
Minority Interest 19,359 21,315
Amortization of Capitalized Interest 806 1,473
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106,692 110,137
Adjustments to Earnings for Fixed Charges:
Interest and Other Financial Charges 17,987 20,677
Interest Factor Attributable to Rentals 1,640 1,083
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19,627 21,760
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EARNINGS AS ADJUSTED $126,319 $131,897
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Fixed Charges:
Fixed Charges above $ 19,627 $ 21,760
Capitalized Interest 4,849 1,994
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TOTAL FIXED CHARGES $ 24,476 $ 23,754
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RATIO OF EARNINGS AS ADJUSTED TO
TOTAL FIXED CHARGES 5.16 5.55
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