XML 20 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Earnings Per Common Share (Notes) | 6 Months Ended
--- | ---
Jun. 30, 2013
Earnings Per Share [Abstract] |
Earnings Per Common Share [Text Block] |
3. | EARNINGS PER COMMON SHARE
The following table provides details of the calculations of basic and diluted earnings per common share:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Income from continuing operations | $ | 87,891 |  |  | $ | 66,091 |  |  | $ | 191,149 |  |  | $ | 118,690 |
Income from continuing operations attributable to noncontrolling interest | 727 |  |  | — |  |  | 727 |  |  | — |
Income from continuing operations attributable to Rayonier Inc. | $ | 87,164 |  |  | $ | 66,091 |  |  | $ | 190,422 |  |  | $ | 118,690 |
Income from discontinued operations attributable to Rayonier Inc. | $ | — |  |  | $ | 2,988 |  |  | $ | 44,477 |  |  | $ | 3,825 |
Net income attributable to Rayonier Inc. | $ | 87,164 |  |  | $ | 69,079 |  |  | $ | 234,899 |  |  | $ | 122,515 |
Shares used for determining basic earnings per common share | 126,027,297 |  |  | 122,455,464 |  |  | 125,257,876 |  |  | 122,403,388 |
Dilutive effect of: |  |  |  |  |  |  |
Stock options | 504,321 |  |  | 669,298 |  |  | 519,014 |  |  | 692,622 |
Performance and restricted shares | 386,228 |  |  | 726,368 |  |  | 384,910 |  |  | 727,968 |
Assumed conversion of Senior Exchangeable Notes (a) | 2,217,058 |  |  | 2,669,808 |  |  | 2,173,658 |  |  | 2,830,382 |
Assumed conversion of warrants (a) (b) | 1,632,345 |  |  | 890,189 |  |  | 2,250,361 |  |  | 1,077,217 |
Shares used for determining diluted earnings per common share | 130,767,249 |  |  | 127,411,127 |  |  | 130,585,819 |  |  | 127,731,577 |
Basic earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.69 |  |  | $ | 0.54 |  |  | $ | 1.52 |  |  | $ | 0.97 |
Discontinued operations | — |  |  | 0.02 |  |  | 0.36 |  |  | 0.03 |
Net income | $ | 0.69 |  |  | $ | 0.56 |  |  | $ | 1.88 |  |  | $ | 1.00 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.67 |  |  | $ | 0.52 |  |  | $ | 1.46 |  |  | $ | 0.93 |
Discontinued operations | — |  |  | 0.02 |  |  | 0.34 |  |  | 0.03 |
Net income | $ | 0.67 |  |  | $ | 0.54 |  |  | $ | 1.80 |  |  | $ | 0.96 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Anti-dilutive shares excluded from the computations of diluted earnings per share: |  |  |  |  |  |  |
Stock options, performance and restricted shares | 199,245 |  |  | 318,666 |  |  | 207,097 |  |  | 326,777 |
Assumed conversion of exchangeable note hedges (a) | 2,217,058 |  |  | 2,669,808 |  |  | 2,173,658 |  |  | 2,830,382 |
Total | 2,416,303 |  |  | 2,988,474 |  |  | 2,380,755 |  |  | 3,157,159 |
(a) The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was only included for the three and six months ended June 30, 2012, while the effect of the 2015 Notes was included for all periods presented. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter and 97,918 shares were issued in the first week of April. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants for the 2015 Notes if the stock price exceeds $39.35 per share. For information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2012 Annual Report on Form 10-K and Note 16 — Debt of this Form 10-Q. (b) The higher shares used for the assumed conversion of the warrants were primarily due to an increase in the average stock price from $43.74 for the three months ended June 30, 2012 to $57.15 for the three months ended June 30, 2013 and from $44.40 for the six months ended June 30, 2012 to $56.34 for the six months ended June 30, 2013. The impact of the higher stock price was partially offset by a decrease in dilutive shares due to the maturity of the warrants on the Notes due 2012.

X
- Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration