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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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1997 1996 1995 1994 1993
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Earnings:
Income (loss) from continuing operations $ 87,319 $ (160) $ 142,348 $ 70,032 $ 52,466
Add (deduct):
Income tax 33,328 (13,297) 65,711 38,038 30,432
Minority interest 25,520 27,474 29,897 32,419 22,508
Amortization of capitalized interest 2,067 4,505 1,963 1,644 1,411
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148,234 18,522 239,919 142,133 106,817
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Adjustments to earnings for fixed charges:
Interest and other financial charges 25,868 27,662 33,615 31,065 23,368
Interest factor attributable to rentals 1,974 2,187 1,444 1,474 1,760
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27,842 29,849 35,059 32,539 25,128
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Earnings as adjusted $ 176,076 $ 48,371 $ 274,978 $ 174,672 $ 131,945
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Fixed charges:
Fixed charges above $ 27,842 $ 29,849 $ 35,059 $ 32,539 $ 25,128
Capitalized interest 5,005 2,664 1,346 194 -
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Total fixed charges 32,847 32,513 36,405 32,733 25,128
-------- --------- --------- --------- ---------
Total fixed charges $ 32,847 $ 32,513 $ 36,405 $ 32,733 $ 25,128
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Ratio of earnings as adjusted to
total fixed charges 5.36 1.49 7.55 5.34 5.25
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Effective tax rate 28% (42)% 32% 35% 37%
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