Exhibit 12

Rayonier Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Year Ended December 31,
	2003			2002			2001			2000			1999
Earnings:
Net Income	$	49,972		$	54,172		$	57,598		$	78,187		$	68,653
Add:
(Income) / loss from discontinued operations		—			745			(688	)		(669	)		(84	)
Income tax		5,806			14,880			23,747			29,398			29,082
Amortization of capitalized interest		2,501			2,531			2,625			2,578			2,308
		58,279			72,328			83,282			109,494			99,959
Adjustments to earnings for fixed charges:
Interest and other financial charges		48,742			62,433			70,314			87,199			43,705
Interest factor attributable to rentals		288			823			1,633			1,362			1,367
		49,030			63,256			71,947			88,561			45,072
Earnings as adjusted	$	107,309		$	135,584		$	155,229		$	198,055		$	145,031
Fixed Charges:
Fixed charges above	$	49,030		$	63,256		$	71,947		$	88,561		$	45,072
Capitalized interest		—			—			—			—			314
Total fixed charges	$	49,030		$	63,256		$	71,947		$	88,561		$	45,386
Ratio of earnings as adjusted to total fixed charges		2.19			2.14			2.16			2.24			3.20
Effective tax rate		10	%		21	%		29	%		28	%		30	%