EXHIBIT 12

Rayonier Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Six Months Ended June 30,
	2006		2005
Earnings:
Income from Continuing Operations	$	66,082	$	76,415
Add:
Income tax expense		9,879		(3,815	)
Amortization of capitalized interest		938		1,194
		76,899		73,794
Adjustments to earnings for fixed charges:
Interest and other financial charges		24,063		25,140
Interest factor attributable to rentals		361		238
		24,424		25,378
Earnings as adjusted	$	101,323	$	99,172
Fixed Charges:
Total fixed charges above	$	24,424	$	25,378
Ratio of earnings as adjusted to total fixed charges		4.15		3.91