EXHIBIT 12

Rayonier Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Three Months Ended March 31,
	2005		2004
Earnings:
Net Income	$	34,459	$	75,535
Add:
Income tax expense/(benefit)		178		(43,406	)
Amortization of capitalized interest		597		601
		35,234		32,730
Adjustments to earnings for fixed charges:
Interest and other financial charges		12,312		11,126
Interest factor attributable to rentals		119		72
		12,431		11,198
Earnings as adjusted	$	47,665	$	43,928
Fixed Charges:
Fixed charges above	$	12,431	$	11,198
Capitalized interest		—		—
Total fixed charges	$	12,431	$	11,198
Ratio of earnings as adjusted to total fixed charges		3.83		3.92