EX-12 3 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES 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,

 

 

 

 

 

 

2003

 

2002

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Net income

 

$

8,236

 

$

9,401

 

Add:

 

 

 

 

 

 

 

Income from discontinued operations

 

 

—  

 

 

(424

)

Income tax (benefit) provision

 

 

(328

)

 

3,568

 

Amortization of capitalized interest

 

 

531

 

 

656

 

 

 

 

 

 

 

 

8,439

 

 

13,201

 

 

 

 

 

Adjustments to earnings for fixed charges:

 

 

 

 

 

 

 

Interest and other financial charges

 

 

12,386

 

 

15,473

 

Interest attributable to rentals

 

 

216

 

 

409

 

 

 

 

 

 

 

 

12,602

 

 

15,882

 

 

 

 

 

Earnings as Adjusted

 

$

21,041

 

$

29,083

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

Fixed charges above

 

$

12,602

 

$

15,882

 

Capitalized interest

 

 

—  

 

 

—  

 

 

 

 

 

Total Fixed Charges

 

$

12,602

 

$

15,882

 

 

 

 

 

Ratio of Earnings as Adjusted to Total Fixed Charges

 

 

1.67

 

 

1.83

 

 

 

 

 

Effective tax rate

 

 

(4

)%

 

28

%