EX-12 13 ex12201610-k.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,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
112,601

 
$
82,864

 
$
40,471

 
$
288,915

 
$
342,489

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
35,574

 
38,311

 
22,697

 
6,302

 
7,470

Amortization of capitalized interest
1,138

 
1,111

 
1,037

 
1,208

 
190

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest
(752
)
 
(1,281
)
 
(117
)
 
(6,144
)
 
(7,178
)
Earnings as defined
$
148,561

 
$
121,005

 
$
64,088

 
$
290,281

 
$
342,971

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt expense
$
34,627

 
$
36,869

 
$
22,378

 
$
—

 
$
—

Capitalized interest
752

 
1,281

 
117

 
6,144

 
7,178

Interest factor attributable to rental expense
195

 
161

 
202

 
158

 
292

Total Fixed Charges
$
35,574

 
$
38,311

 
$
22,697

 
$
6,302

 
$
7,470

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.18

 
3.16

 
2.82

 
46.06

 
45.91

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 includes previously capitalized interest for periods prior to the Separation.