EXHIBIT 12

Rayonier Inc. and Subsidiaries

Ration of Earnings to Fixed Charges

(Unaudited, thousands of dollars)

	Six Months Ended June 30,
	2005			2004
Earnings:
Income from Continuing Operations	$	76,415		$	120,980
Add:
Income tax expense/(benefit)		(3,815	)		(28,665	)
Amortization of capitalized interest		1,194			1,226
		73,794			93,541
Adjustments to earnings for fixed charges:
Interest and other financial charges		25,140			23,013
Interest factor attributable to rentals		238			144
		25,378			23,157
Earnings as adjusted	$	99,172		$	116,698
Fixed Charges:
Fixed charges above	$	25,378		$	23,157
Capitalized interest		—			—
Total fixed charges	$	25,378		$	23,157
Ratio of earnings as adjusted to total fixed charges		3.91			5.04