EX-12 3 dex12.htm RAYONIER INC. & SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES Rayonier Inc. & Subsidiaries Ratio of Earnings to Fixed Charges

 

EXHIBIT 12

 

RAYONIER INC. AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited, thousands of dollars)

 

    

Three Months

Ended March 31,

    

2002

   

2001

    

As restated

   

As restated

Earnings:

              

Income from continuing operations

   

$

9,401

   

$

12,252

Add:

              

Income tax

   

 

3,934

   

 

6,188

Amortization of capitalized interest

   

 

656

   

 

644

    
  
    

 

13,991

   

 

19,084

    
  

Adjustments to earnings for fixed charges:

              

Interest and other financial charges

   

 

15,473

   

 

19,223

Interest attributable to rentals

   

 

408

   

 

432

    
  
    

 

15,881

   

 

19,655

    
  

Earnings as Adjusted

   

$

29,872

   

$

38,739

    
  

Fixed charges:

              

Fixed charges above

   

$

15,881

   

$

19,655

Capitalized interest

   

 

—  

   

 

—  

    
  

Total Fixed Charges

   

$

15,881

   

$

19,655

    
  

Ratio of Earnings as Adjusted to

              

Total Fixed Charges

   

 

1.88

   

 

1.97