EXHIBIT 12

RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Thousands of dollars)

	Nine Months Ended September 30,
	2002		2001
Earnings:
Income from continuing operations	$	42,048	$	49,621
Add:
Income taxes		16,716		22,404
Amortization of capitalized interest		1,946		1,933
		60,710		73,958
Adjustments to earnings for fixed charges:
Interest and other financial charges		44,598		52,883
Interest attributable to rentals		1,225		1,295
		45,823		54,178
Earnings as Adjusted	$	106,533	$	128,136
Total Fixed Charges Above	$	45,823	$	54,178
Ratio of Earnings as Adjusted to
Total Fixed Charges		2.32		2.37