EX-12.1 5 ex122018s-3.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, thousands of dollars)
 
 
Three Months
Ended March 31,
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
42,706

 
$
161,579

 
$
217,770

 
$
43,941

 
$
54,443

 
$
105,843

Income tax expense (benefit)
6,936

 
21,681

 
5,064

 
(859
)
 
(9,601
)
 
(35,685
)
Pre-tax income from continuing operations
49,642

 
183,260

 
222,834

 
43,082

 
44,842

 
70,158

Add:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
8,216

 
34,616

 
32,456

 
31,718

 
44,248

 
40,941

Interest factor attributable to rentals
35

 
137

 
171

 
236

 
301

 
540

Fixed charges
8,251

 
34,753

 
32,627

 
31,954

 
44,549

 
41,481

Subtract:
 
 
 
 
 
 
 
 
 
 
 
Capitalized Interest
164

 
545

 
211

 
19

 
—

 
—

Earnings as adjusted
57,729

 
217,468

 
255,250

 
75,017

 
89,391

 
111,639

Fixed Charges:
$
8,251

 
$
34,753

 
$
32,627

 
$
31,954

 
$
44,549

 
$
41,481

Ratio of earnings to fixed charges
7.00

 
6.26

 
7.82

 
2.35

 
2.01

 
2.69

 
 
 
 
 
 
 
 
 
 
 
 
Deficiency
—

 
—

 
—

 
—

 
—

 
—