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Previous: RAYONIER INC, 10-Q, 2000-11-13 |
Next: RAYONIER INC, 10-Q, EX-27, 2000-11-13 |
<PAGE> 1
EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
-------- --------
<S> <C> <C>
Earnings:
Net Income $ 65,009 $ 49,341
Add:
Income Taxes 22,487 23,869
Amortization of Capitalized Interest 1,731 1,748
-------- --------
Additions to Net Income 24,218 25,617
-------- --------
Adjustments to Earnings for Fixed Charges:
Interest and Other Financial Charges 64,988 22,693
Interest Factor Attributable to Rentals 1,026 1,313
-------- --------
Adjustments for Fixed Charges 66,014 24,006
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EARNINGS AS ADJUSTED $155,241 $ 98,964
======== ========
Fixed Charges:
Fixed Charges above $ 66,014 $ 24,006
Capitalized Interest -- 314
-------- --------
TOTAL FIXED CHARGES $ 66,014 $ 24,320
======== ========
RATIO OF EARNINGS AS ADJUSTED TO
TOTAL FIXED CHARGES 2.35 4.07
======== ========
</TABLE>
13
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