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EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | 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,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (Restated) |  |  |  | (Restated) |  |
Income from continuing operations | $ | 4,024 |  |  | $ | 39,631 |  |  | $ | 14,359 |  |  | $ | 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. | $ | 4,269 |  |  | $ | 38,904 |  |  | $ | 14,687 |  |  | $ | 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. | $ | 16,353 |  |  | $ | 87,164 |  |  | $ | 57,779 |  |  | $ | 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 | $ | 0.03 |  |  | $ | 0.31 |  |  | $ | 0.12 |  |  | $ | 0.46 |
Discontinued operations | 0.10 |  |  | 0.38 |  |  | 0.34 |  |  | 1.42 |
Net income | $ | 0.13 |  |  | $ | 0.69 |  |  | $ | 0.46 |  |  | $ | 1.88 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.03 |  |  | $ | 0.30 |  |  | $ | 0.11 |  |  | $ | 0.44 |
Discontinued operations | 0.09 |  |  | 0.37 |  |  | 0.33 |  |  | 1.36 |
Net income | $ | 0.12 |  |  | $ | 0.67 |  |  | $ | 0.44 |  |  | $ | 1.80 |
| 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 Amended Form 10-K and Note 18 — Debt of this Form 10-Q/A. (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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