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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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1999 1998
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Earnings:
Net Income $32,207 $36,636
Add:
Income Taxes 16,082 16,206
Amortization of Capitalized Interest 1,184 1,122
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Additions to Net Income 17,266 17,328
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Adjustments to Earnings for Fixed Charges:
Interest and Other Financial Charges 15,387 16,984
Interest Factor Attributable to Rentals 875 987
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Adjustments for Fixed Charges 16,262 17,971
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EARNINGS AS ADJUSTED $65,735 $71,935
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Fixed Charges:
Fixed Charges above $16,262 $17,971
Capitalized Interest 150 194
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TOTAL FIXED CHARGES $16,412 $18,165
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RATIO OF EARNINGS AS ADJUSTED TO
TOTAL FIXED CHARGES 4.01 3.96
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