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Rayonier Reports Fourth Quarter And Full Year 2012 Results

RAYONIER INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

December 31, 2012 (unaudited)

(millions of dollars, except per share information)

   
CASH AVAILABLE FOR DISTRIBUTION (a):
Year Ended
December 31, December 31,
2012 2011
Cash provided by operating activities $ 445.9 $ 432.3
Capital expenditures (b) (157.6 ) (144.5 )
Change in committed cash 5.6 (6.1 )
Excess tax benefits on stock-based compensation 7.6 5.7
Other 2.2   (0.8 )
Cash Available for Distribution $ 303.7   $ 286.6  

(a) Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending, the change in committed cash, and other items which include cash provided by discontinued operations, proceeds from matured energy forward contracts, excess tax benefits on stock-based compensation and the change in capital expenditures purchased on account. CAD is a non-GAAP measure of cash generated during a period that is available for dividend distribution, repurchase of the Company's common shares, debt reduction and strategic acquisitions. CAD is not necessarily indicative of the CAD that may be generated in future periods.

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