RAYONIER INC - FORM 10-K - EX-12 - STATEMENTS RE COMPUTATION OF RATIOS

file	filename
EX-24 - POWERS OF ATTORNEY - RAYONIER INC	dex24.htm
EX-32 - SECTION 906 CERTIFICATION OF CEO & CFO - RAYONIER INC	dex32.htm
EX-31.1 - SECTION 302 CERTIFICATION OF CEO - RAYONIER INC	dex311.htm
EX-31.2 - SECTION 302 CERTIFICATION OF CFO - RAYONIER INC	dex312.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - RAYONIER INC	dex21.htm
10-K - FORM 10-K - RAYONIER INC	d10k.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - RAYONIER INC	dex23.htm

EXHIBIT 12

RAYONIER, INC. AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited, thousands of dollars)


	For the Years Ended December 31,
	2009		2008		2007		2006		2005
Earnings:
Income from continuing operations	$	312,541	$	148,583	$	173,559	$	171,134	$	202,477
Income tax expense (benefit)		46,336		29,436		23,350		19,085		(20,139	)

Pre-tax income from continuing operations		358,877		178,019		196,909		190,219		182,338

Add:
Interest expensed and capitalized		52,495		50,729		57,480		49,925		46,961
Interest factor attributable to rentals		354		761		496		636		722

Fixed charges		52,849		51,490		57,976		50,561		47,683

Amortization of capitalized interest		41		45		1,871		2,004		1,876
Subtract:
Capitalized interest		54		—		32		1,020		—

Earnings as adjusted	$	411,713	$	229,554	$	256,724	$	241,764	$	231,897

Fixed Charges:	$	52,849	$	51,490	$	57,976	$	50,561	$	47,683

Ratio of earnings as adjusted to total fixed charges		7.79		4.46		4.43		4.78		4.86

RAYONIER INC - FORM 10-K - EX-12 - STATEMENTS RE COMPUTATION OF RATIOS - February 24, 2010