EX-12 4 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Ratio of Earnings to Fixed Charges
EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Thousands of dollars)
    
Six Months Ended June 30,
    
2002
     
2001
Earnings:
                
Income from continuing operations
   
$
26,570
     
$
43,623
Add:
                
Income taxes
   
 
10,350
     
 
22,060
Amortization of capitalized interest
   
 
1,313
     
 
1,289
    
    
    
 
38,233
     
 
66,972
    
    
Adjustments to earnings for fixed charges:
                
Interest and other financial charges
   
 
30,317
     
 
36,452
Interest attributable to rentals
   
 
817
     
 
863
    
    
    
 
31,134
     
 
37,315
    
    
Earnings as Adjusted
   
$
69,367
     
$
104,287
    
    
Total Fixed Charges Above
   
$
31,134
     
$
37,315
    
    
Ratio of Earnings as Adjusted to Total Fixed Charges
   
 
2.23
     
 
2.79