EX-12 4 a10k2017ex12.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,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
161,579

 
$
217,770

 
$
43,941

 
$
54,443

 
$
105,843

Income tax expense (benefit)
21,681

 
5,064

 
(859
)
 
(9,601
)
 
(35,685
)
Pre-tax income from continuing operations
183,260

 
222,834

 
43,082

 
44,842

 
70,158

Add:
 
 
 
 
 
 
 
 
 
Interest expense
34,616

 
32,456

 
31,718

 
44,248

 
40,941

Interest factor attributable to rentals
137

 
171

 
236

 
301

 
540

Fixed charges
34,753

 
32,627

 
31,954

 
44,549

 
41,481

Subtract:
 
 
 
 
 
 
 
 
 
Capitalized Interest
$
545

 
$
211

 
$
19

 
 
 
 
Earnings as adjusted
$
217,468

 
$
255,250

 
$
75,017

 
$
89,391

 
$
111,639

Fixed Charges:
$
34,753

 
$
32,627

 
$
31,954

 
$
44,549

 
$
41,481

Ratio of earnings as adjusted to total fixed charges
6.26

 
7.82

 
2.35

 
2.01

 
2.69

 
 
 
 
 
 
 
 
 
 
Deficiency
—

 
—

 
—

 
—

 
—