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EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(THOUSANDS OF DOLLARS)
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Six Months Ended
June 30,
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2000 1999
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<S> <C> <C>
Earnings:
Net Income $ 52,904 $ 32,207
Add:
Income Taxes 23,990 16,082
Amortization of Capitalized Interest 1,154 1,184
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Additions to Net Income 25,144 17,266
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Adjustments to Earnings for Fixed Charges:
Interest and Other Financial Charges 44,402 15,387
Interest Factor Attributable to Rentals 685 875
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Adjustments for Fixed Charges 45,087 16,262
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EARNINGS AS ADJUSTED $ 123,135 $ 65,735
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Fixed Charges:
Fixed Charges above $ 45,087 $ 16,262
Capitalized Interest - 150
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TOTAL FIXED CHARGES $ 45,087 $ 16,412
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RATIO OF EARNINGS AS ADJUSTED TO
TOTAL FIXED CHARGES 2.73 4.01
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