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EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Abstract] |
Schedule of Earnings Per Share, Basic and Diluted | 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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Income from continuing operations | $ | 6,056 |  |  | $ | 39,631 |  |  | $ | 18,340 |  |  | $ | 58,659 |
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | (245 | ) |  | 727 |  |  | (328 | ) |  | 727 |
Income from continuing operations attributable to Rayonier Inc. | $ | 6,301 |  |  | $ | 38,904 |  |  | $ | 18,668 |  |  | $ | 57,932 |
Income from discontinued operations, net, attributable to Rayonier Inc. | $ | 12,084 |  |  | $ | 48,260 |  |  | $ | 43,092 |  |  | $ | 176,967 |
Net income attributable to Rayonier Inc. | $ | 18,385 |  |  | $ | 87,164 |  |  | $ | 61,760 |  |  | $ | 234,899 |
Shares used for determining basic earnings per common share | 126,434,376 |  |  | 126,027,297 |  |  | 126,390,891 |  |  | 125,257,876 |
Dilutive effect of: |  |  |  |  |  |  |
Stock options | 293,213 |  |  | 504,321 |  |  | 296,768 |  |  | 519,014 |
Performance and restricted shares | 201,956 |  |  | 386,228 |  |  | 194,995 |  |  | 384,910 |
Assumed conversion of Senior Exchangeable Notes (a) | 2,631,514 |  |  | 2,217,058 |  |  | 2,579,402 |  |  | 2,173,658 |
Assumed conversion of warrants (a) (b) | 2,738,606 |  |  | 1,632,345 |  |  | 2,656,633 |  |  | 2,250,361 |
Shares used for determining diluted earnings per common share | 132,299,665 |  |  | 130,767,249 |  |  | 132,118,689 |  |  | 130,585,819 |
Basic earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.05 |  |  | $ | 0.31 |  |  | $ | 0.15 |  |  | $ | 0.46 |
Discontinued operations | 0.10 |  |  | 0.38 |  |  | 0.34 |  |  | 1.42 |
Net income | $ | 0.15 |  |  | $ | 0.69 |  |  | $ | 0.49 |  |  | $ | 1.88 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.05 |  |  | $ | 0.30 |  |  | $ | 0.14 |  |  | $ | 0.44 |
Discontinued operations | 0.09 |  |  | 0.37 |  |  | 0.33 |  |  | 1.36 |
Net income | $ | 0.14 |  |  | $ | 0.67 |  |  | $ | 0.47 |  |  | $ | 1.80 |
(a) Rayonier will not issue additional shares upon future exchange or 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 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the full dilutive effect of the 2015 Notes was included for all periods presented. 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. 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 of 2013 and 97,918 shares were issued in the first week of April 2013. 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 associated with the 2015 Notes if the stock price exceeds $28.58 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 17 — Debt of this Form 10-Q. (b) The shares used for the assumed conversion of the warrants increased for the current quarter and year-to-date periods due to a lower adjusted exchange price as a result of the spin-off.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Anti-dilutive shares excluded from the computations of diluted earnings per share: |  |  |  |  |  |  |
Stock options, performance and restricted shares | 507,044 |  |  | 199,245 |  |  | 499,193 |  |  | 207,097 |
Assumed conversion of exchangeable note hedges (a) | 2,631,514 |  |  | 2,217,058 |  |  | 2,579,402 |  |  | 2,173,658 |
Total | 3,138,558 |  |  | 2,416,303 |  |  | 3,078,595 |  |  | 2,380,755 |
(a) Rayonier will not issue additional shares upon future exchange or 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 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the full dilutive effect of the 2015 Notes was included for all periods presented. 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. 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 of 2013 and 97,918 shares were issued in the first week of April 2013. 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 associated with the 2015 Notes if the stock price exceeds $28.58 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 17 — Debt of this Form 10-Q. (b) The shares used for the assumed conversion of the warrants increased for the current quarter and year-to-date periods due to a lower adjusted exchange price as a result of the spin-off.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + 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 (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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