EX-12 6 a10k2013ex12.htm STATEMENTS OF COMPUTATIONAL RATIOS 10K 2013 EX12


EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
 
 
For the Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
331,765

 
$
271,442

 
$
276,674

 
$
215,953

 
$
318,939

Income tax expense
49,661

 
84,743

 
30,688

 
14,193

 
49,569

Pre-tax income from continuing operations
381,426

 
356,185

 
307,362

 
230,146

 
368,508

Add:
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
49,905

 
52,159

 
51,678

 
50,545

 
52,495

Interest factor attributable to rentals
300

 
540

 
424

 
461

 
354

Fixed charges
50,205

 
52,699

 
52,102

 
51,006

 
52,849

Amortization of capitalized interest
1,208

 
190

 
60

 
47

 
41

Subtract:
 
 
 
 
 
 
 
 
 
Capitalized interest
6,144

 
7,178

 
903

 
82

 
54

Earnings as adjusted
$
426,695

 
$
401,896

 
$
358,621

 
$
281,117

 
$
421,344

Fixed Charges:
$
50,205

 
$
52,699

 
$
52,102

 
$
51,006

 
$
52,849

Ratio of earnings as adjusted to total fixed charges
8.5

 
7.63

 
6.88

 
5.51

 
7.97