EX-12 3 a10k2012ex12.htm STATEMENTS OF COMPUTATION OF RATIOS 10K 2012 EX12


EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
 
 
For the Years Ended December 31,
 
2012
 
2011
  
2010
  
2009
  
2008
Earnings:
 
 
 
  
 
  
 
  
 
Income from continuing operations
$
278,685

 
$
276,005

  
$
217,586

  
$
312,541

  
$
148,583

Income tax expense
88,391

 
30,357

  
15,217

  
46,336

  
29,436

Pre-tax income from continuing operations
367,076

 
306,362

  
232,803

  
358,877

  
178,019

Add:
 
 
 
  
 
  
 
  
 
Interest expensed and capitalized
52,159

 
51,678

  
50,545

  
52,495

  
50,729

Interest factor attributable to rentals
540

 
424

  
461

  
354

  
761

Fixed charges
52,699

 
52,102

  
51,006

  
52,849

  
51,490

Amortization of capitalized interest
190

 
60

  
47

  
41

  
45

Subtract:
 
 
 
  
 
  
 
  
 
Capitalized interest
7,178

 
903

  
82

  
54

  
—

Earnings as adjusted
$
412,787

 
$
357,621

  
$
283,774

  
$
411,713

  
$
229,554

Fixed Charges:
$
52,699

 
$
52,102

  
$
51,006

  
$
52,849

  
$
51,490

Ratio of earnings as adjusted to total fixed charges
7.83

 
6.86

  
5.56

  
7.79

  
4.46