Exhibit 12.1

RAYONIER INC.

Ratio of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Three Months Ended March 31,			Year Ended December 31
	2003			2002		2001			2000			1999			1998
Earnings:
Net Income	$	8,236		$	54,172	$	57,598		$	78,187		$	68,653		$	63,635
Add:
Income / (loss) from discontinued operations		—			745		(688	)		(669	)		(84	)		(524	)
Income tax (benefit) provision		(328	)		14,880		23,747			29,398			29,082			25,825
Amortization of capitalized interest		531			2,531		2,625			2,578			2,308			2,331
		8,439			72,328		83,282			109,494			99,959			91,267
Adjustments to earnings for Fixed Charges:
Interest and other financial charges		12,386			62,433		70,314			87,199			43,705			36,505
Interest factor attributable to rentals		216			823		1,633			1,362			1,367			1,750
		12,602			63,256		71,947			88,561			45,072			38,255
Earnings as adjusted	$	21,041		$	135,584	$	155,229		$	198,055		$	145,031		$	129,522
Fixed Charges:
Fixed charges above	$	12,602		$	63,256	$	71,947		$	88,561		$	45,072		$	38,255
Capitalized interest		—			—		—			—			314			262
Total fixed charges	$	12,602		$	63,256	$	71,947		$	88,561		$	45,386		$	38,517
Ratio of earnings as adjusted to total fixed charges		1.67			2.14		2.16			2.24			3.20			3.36
Ratio of earnings as adjusted to total fixed charges and preferred stock dividends		1.67			2.14		2.16			2.24			3.20			3.36