EX-12 4 ryamex12q42015.htm EXHIBIT 12 Exhibit
Exhibit 12


Rayonier Advanced Materials Inc.
Computation of Ratios of Earnings to Fixed Charges
(in thousands of dollars, except ratios)

 
For the Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
82,864

 
$
40,471

 
$
288,915

 
$
342,489

 
$
283,052

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
38,311

 
22,697

 
6,302

 
7,470

 
1,119

Amortization of capitalized interest
1,111

 
1,037

 
1,208

 
190

 
60

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest
(1,281
)
 
(117
)
 
(6,144
)
 
(7,178
)
 
(903
)
Earnings as defined
$
121,005

 
$
64,088

 
$
290,281

 
$
342,971

 
$
283,328

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt expense
$
36,869

 
$
22,378

 
$
—

 
$
—

 
$
—

Capitalized interest
1,281

 
117

 
6,144

 
7,178

 
903

Interest factor attributable to rental expense
161

 
202

 
158

 
292

 
216

Total Fixed Charges
$
38,311

 
$
22,697

 
$
6,302

 
$
7,470

 
$
1,119

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.16

 
2.82

 
46.06

 
45.91

 
253.20

For periods prior to the Separation, Rayonier's interest expense on general corporate debt was not allocated to the Company. The property, plant and equipment balance for the Company does include previously capitalized interest for periods prior to the Separation.