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EX-10.12 - EXHIBIT 10.12 - RAYONIER ADVANCED MATERIALS INC.ex1012.htm
EX-32 - EXHIBIT 32 - RAYONIER ADVANCED MATERIALS INC.ex32q4-201710xq.htm
EX-31.2 - EXHIBIT 31.2 - RAYONIER ADVANCED MATERIALS INC.ex312q4-201710xq.htm
EX-31.1 - EXHIBIT 31.1 - RAYONIER ADVANCED MATERIALS INC.ex311q4-201710xq.htm
EX-24 - EXHIBIT 24 - RAYONIER ADVANCED MATERIALS INC.ex24201710-k.htm
EX-23.2 - EXHIBIT 23.2 - RAYONIER ADVANCED MATERIALS INC.ex2322017.htm
EX-23.1 - EXHIBIT 23.1 - RAYONIER ADVANCED MATERIALS INC.ex2312017.htm
EX-21 - EXHIBIT 21 - RAYONIER ADVANCED MATERIALS INC.exhibit212017.htm
EX-10.18 - EXHIBIT 10.18 - RAYONIER ADVANCED MATERIALS INC.ex1018.htm
EX-10.15 - EXHIBIT 10.15 - RAYONIER ADVANCED MATERIALS INC.ex1015.htm
EX-10.10 - EXHIBIT 10.10 - RAYONIER ADVANCED MATERIALS INC.ex1010.htm
10-K - 10-K - RAYONIER ADVANCED MATERIALS INC.ryam201710-k.htm
Exhibit 12


Rayonier Advanced Materials Inc.
Computation of Ratios of Earnings to Fixed Charges and
Ratio of Earning to Fixed Charges and Preferred Stock Dividends
(in thousands of dollars, except ratios)

 
For the Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
344,695

 
$
112,601

 
$
82,864

 
$
40,471

 
$
288,915

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
40,692

 
35,574

 
38,311

 
22,697

 
6,302

Amortization of capitalized interest
1,138

 
1,138

 
1,111

 
1,037

 
1,208

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest

 
(752
)
 
(1,281
)
 
(117
)
 
(6,144
)
Earnings as defined
$
386,525

 
$
148,561

 
$
121,005

 
$
64,088

 
$
290,281

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt expense
$
40,447

 
$
34,627

 
$
36,869

 
$
22,378

 
$

Capitalized interest

 
752

 
1,281

 
117

 
6,144

Interest factor attributable to rental expense
245

 
195

 
161

 
202

 
158

Total fixed Charges
$
40,692

 
$
35,574

 
$
38,311

 
$
22,697

 
$
6,302

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
13,800

 
5,404

 

 

 

Total fixed charges and preferred stock dividend
$
54,492

 
$
40,978

 
$
38,311

 
$
22,697

 
$
6,302

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
9.50

 
4.18

 
3.16

 
2.82

 
46.06

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred
stock dividend
7.09

 
3.63

 
3.16

 
2.82

 
46.06

For periods prior to the Separation, Rayonier's interest expense on general corporate debt was not allocated to the Company. The property, plant and equipment balance for the Company includes previously capitalized interest for periods prior to the Separation.