EX-12 4 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES 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

    

As restated,

See Note 2

   

As restated,

See Note 2

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

   

 

30,817

   

 

37,067

Interest attributable to rentals

   

 

817

   

 

863

    
  
    

 

31,634

   

 

37,930

    
  

Earnings as Adjusted

   

$

69,867

   

$

104,902

    
  

Total Fixed Charges Above

   

$

31,634

   

$

37,930

    
  

Ratio of Earnings as Adjusted to Total Fixed Charges

   

 

2.21

   

 

2.77