EX-12 3 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)

 

    

Nine Months Ended September 30,

    

2002

   

2001

    

As restated,

See Note 2

   

As restated,

See Note 2

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

   

 

45,349

   

 

53,806

Interest attributable to rentals

   

 

1,225

   

 

1,295

    
  
    

 

46,574

   

 

55,101

    
  

Earnings as Adjusted

   

$

107,284

   

$

129,059

    
  

Total Fixed Charges Above

   

$

46,574

   

$

55,101

    
  

Ratio of Earnings as Adjusted to Total Fixed Charges

   

 

2.30

   

 

2.34