EX-12 2 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,
  
     2004
     2003
  

Earnings:

                 

Net income

    $ 75,535     $ 8,236  

Less: Income tax benefit

      (43,406 )     (328 )

Add: Amortization of capitalized interest

      601       531  
    
 
       32,730       8,439  
    
 

Adjustments to earnings for fixed charges:

                 

Interest and other financial charges

      11,126       12,386  

Interest attributable to rentals

      72       216  
    
 
       11,198       12,602  
    
 

Earnings as Adjusted

    $ 43,928     $ 21,041  
    
 

Fixed charges:

                 

Fixed charges above

    $ 11,198     $ 12,602  

Capitalized interest

      —         —    
    
 

Total Fixed Charges

    $ 11,198     $ 12,602  
    
 

Ratio of Earnings as Adjusted to Total Fixed Charges

      3.92       1.67