EX-12 3 a10k2011ex12.htm STATEMENTS OF COMPUTATION OF RATIOS 10K 2011 EX12


EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
 
 
For the Years Ended December 31,
 
2011
 
2010
  
2009
  
2008
  
2007
Earnings:
 
 
 
  
 
  
 
  
 
Income from continuing operations
$
276,005

 
$
217,586

  
$
312,541

  
$
148,583

  
$
173,559

Income tax expense
30,357

 
15,217

  
46,336

  
29,436

  
23,350

Pre-tax income from continuing operations
306,362

 
232,803

  
358,877

  
178,019

  
196,909

Add:
 
 
 
  
 
  
 
  
 
Interest expensed and capitalized
51,678

 
50,545

  
52,495

  
50,729

  
57,480

Interest factor attributable to rentals
424

 
461

  
354

  
761

  
496

Fixed charges
52,102

 
51,006

  
52,849

  
51,490

  
57,976

Amortization of capitalized interest
60

 
47

  
41

  
45

  
1,871

Subtract:
 
 
 
  
 
  
 
  
 
Capitalized interest
903

 
82

  
54

  
—

  
32

Earnings as adjusted
$
357,621

 
$
283,774

  
$
411,713

  
$
229,554

  
$
256,724

Fixed Charges:
$
52,102

 
$
51,006

  
$
52,849

  
$
51,490

  
$
57,976

Ratio of earnings as adjusted to total fixed charges
6.86

 
5.56

  
7.79

  
4.46

  
4.43