Exhibit 12.1
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
| For the Nine Months Ended September 30, |
For the Years Ended December 31, | ||||||||||||||||||||||
| 2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||
| Earnings: |
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| Income from continuing operations |
$ | 139,848 | $ | 121,207 | $ | 171,083 | $ | 207,795 | $ | 160,063 | $ | 53,104 | $ | 53,742 | |||||||||
| Add: |
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| Income tax expense (benefit) |
25,070 | 12,681 | 19,055 | (16,948 | ) | (33,649 | ) | 6,083 | 15,735 | ||||||||||||||
| Amortization of capitalized interest |
1,503 | 1,407 | 2,004 | 1,876 | 2,408 | 2,501 | 2,531 | ||||||||||||||||
| 166,421 | 135,295 | 192,142 | 192,723 | 128,822 | 61,688 | 72,008 | |||||||||||||||||
| Adjustments to earnings for fixed charges: |
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| Interest and other financial charges |
42,212 | 35,120 | 48,905 | 46,961 | 46,718 | 48,738 | 62,383 | ||||||||||||||||
| Interest factor attributable to rentals |
477 | 542 | 636 | 722 | 476 | 288 | 823 | ||||||||||||||||
| Capitalized interest |
— | — | 1,020 | — | — | — | — | ||||||||||||||||
| 42,689 | 35,662 | 50,561 | 47,683 | 47,194 | 49,026 | 63,206 | |||||||||||||||||
| Earnings as adjusted |
209,110 | 170,957 | $ | 242,703 | $ | 240,406 | $ | 176,016 | $ | 110,714 | $ | 135,214 | |||||||||||
| Fixed Charges: |
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| Fixed charges above |
$ | 43,656 | $ | 36,321 | $ | 50,561 | $ | 47,683 | $ | 47,194 | $ | 49,026 | $ | 63,206 | |||||||||
| Ratio of earnings as adjusted to total fixed charges |
4.79 | 4.71 | 4.80 | 5.04 | 3.73 | 2.26 | 2.14 | ||||||||||||||||