Exhibit 12.1

Rayonier, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Three Months Ended March  31,		For the Years Ended December 31,
	2009		2009		2008		2007		2006		2005
Earnings:
Income from continuing operations	$	56,953	$	312,541	$	148,583	$	173,559	$	171,134	$	202,477
Income tax expense (benefit)		7,609		46,336		29,436		23,350		19,085		(20,139	)
Pre-tax income from continuing operations		64,562		358,877		178,019		196,909		190,219		182,338
Add:
Interest expensed and capitalized		12,500		52,495		50,729		57,480		49,925		46,961
Interest factor attributable to rentals		88		354		761		496		636		722
Fixed charges		12,588		52,849		51,490		57,976		50,561		47,683
Amortization of capitalized interest		11		41		45		1,871		2,004		1,876
Subtract:
Capitalized interest		14		54		—		32		1,020		—
Earnings as adjusted	$	77,147	$	411,713	$	229,554	$	256,724	$	241,764	$	231,897
Fixed Charges:	$	12,588	$	52,849	$	51,490	$	57,976	$	50,561	$	47,683
Ratio of earnings as adjusted to total fixed charges		6.13		7.79		4.46		4.43		4.78		4.86