EX-12 3 dex12.htm RATIO OF EARNINGS Prepared by R.R. Donnelley Financial -- Ratio of Earnings
EXHIBIT 12
 
RAYONIER INC. AND SUBSIDIARIES
 
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited, thousands of dollars)
 
    
Three Months
Ended March 31,
    
2002
   
2001
Earnings:
              
Income from continuing operations
   
$
9,401
   
$
12,252
Add:
              
Income tax
   
 
3,934
   
 
6,188
Amortization of capitalized interest
   
 
656
   
 
644
    
  
    
 
13,991
   
 
19,084
    
  
Adjustments to earnings for fixed charges:
              
Interest and other financial charges
   
 
15,223
   
 
18,915
Interest attributable to rentals
   
 
408
   
 
432
    
  
    
 
15,631
   
 
19,347
    
  
Earnings as adjusted
   
$
29,622
   
$
38,431
    
  
Fixed charges:
              
Fixed charges above
   
$
15,631
   
$
19,347
Capitalized interest
   
 
—  
   
 
—  
    
  
Total fixed charges
   
$
15,631
   
$
19,347
    
  
Ratio of earnings as adjusted to total fixed charges
   
 
1.90
   
 
1.99