EX-12 2 a10k2016ex12.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,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
217,770

 
$
43,941

 
$
54,443

 
$
105,843

 
$
16,774

Income tax expense (benefit)
5,064

 
(859
)
 
(9,601
)
 
(35,685
)
 
(27,060
)
Pre-tax income from continuing operations
222,834

 
43,082

 
44,842

 
70,158

 
(10,286
)
Add:
 
 
 
 
 
 
 
 
 
Interest expense
32,456

 
31,718

 
44,248

 
40,941

 
42,826

Interest factor attributable to rentals
171

 
236

 
301

 
540

 
424

Fixed charges
32,627

 
31,954

 
44,549

 
41,481

 
43,250

Subtract:
 
 
 
 
 
 
 
 
 
Capitalized Interest
$
211

 
$
19

 
 
 
 
 
 
Earnings as adjusted
$
255,250

 
$
75,017

 
$
89,391

 
$
111,639

 
$
32,964

Fixed Charges:
$
32,627

 
$
31,954

 
$
44,549

 
$
41,481

 
$
43,250

Ratio of earnings as adjusted to total fixed charges
7.82

 
2.35

 
2.01

 
2.69

 
0.76

 
 
 
 
 
 
 
 
 
 
Deficiency
—

 
—

 
—

 
—

 
(10,286
)