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 | |||||||||||||||||