EXHIBIT 12

RAYONIER INC. AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited, thousands of dollars)

	Year Ended December 31,
	2005			2004			2003		2002		2001
Earnings:
Income from continuing operations	$	207,795		$	160,063		$	53,104	$	53,742	$	54,550
Add:
Income tax expense/(benefit)		(16,948	)		(33,649	)		6,083		15,735		26,365
Amortization of capitalized interest		1,876			2,408			2,501		2,531		2,625
		192,723			128,822			61,688		72,008		83,540
Adjustments to earnings for fixed charges:
Interest and other financial charges		46,961			46,718			48,738		62,383		70,314
Interest factor attributable to rentals		722			476			288		823		1,633
		47,683			47,194			49,026		63,206		71,947
Earnings as adjusted	$	240,406		$	176,016		$	110,714	$	135,214	$	155,487
Fixed Charges:
Total fixed charges from above	$	47,683		$	47,194		$	49,026	$	63,206	$	71,947
Ratio of earnings as adjusted to total fixed charges		5.04			3.73			2.26		2.14		2.16