EX-12 5 a10k2015ex12.htm STATEMENT OF COMPUTATIONAL RATIOS Exhibit


EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
 
 
For the Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
43,941

 
$
54,443

 
$
105,843

 
$
16,774

 
$
58,345

Income tax benefit
(859
)
 
(9,601
)
 
(35,685
)
 
(27,060
)
 
(48,273
)
Pre-tax income from continuing operations
43,082

 
44,842

 
70,158

 
(10,286
)
 
10,072

Add:
 
 
 
 
 
 
 
 
 
Interest expense
31,718

 
44,248

 
40,941

 
42,826

 
45,879

Interest factor attributable to rentals
236

 
301

 
540

 
424

 
461

Fixed charges
31,954

 
44,549

 
41,481

 
43,250

 
46,340

Subtract:
 
 
 
 
 
 
 
 
 
Capitalized Interest
$
19

 
 
 
 
 
 
 
 
Earnings as adjusted
$
75,017

 
$
89,391

 
$
111,639

 
$
32,964

 
$
56,412

Fixed Charges:
$
31,954

 
$
44,549

 
$
41,481

 
$
43,250

 
$
46,340

Ratio of earnings as adjusted to total fixed charges
2.35

 
2.01

 
2.69

 
0.76

 
1.22

 
 
 
 
 
 
 
 
 
 
Deficiency
—

 
—

 
—

 
(10,286
)
 
—