XML 80 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

EARNINGS PER COMMON SHARE | 9 Months Ended
--- | ---
Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Income from continuing operations | $ | 32,059 |  |  | $ | 15,040 |  |  | $ | 46,418 |  |  | $ | 73,699 |
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | (642 | ) |  | 1,022 |  |  | (970 | ) |  | 1,749 |
Income from continuing operations attributable to Rayonier Inc. | $ | 32,701 |  |  | $ | 14,018 |  |  | $ | 47,388 |  |  | $ | 71,950 |
Income from discontinued operations, net, attributable to Rayonier Inc. | $ | — |  |  | $ | 43,327 |  |  | $ | 43,092 |  |  | $ | 220,294 |
Net income attributable to Rayonier Inc. | $ | 32,701 |  |  | $ | 57,345 |  |  | $ | 90,480 |  |  | $ | 292,244 |
Shares used for determining basic earnings per common share | 126,501,837 |  |  | 126,122,151 |  |  | 126,428,279 |  |  | 125,549,133 |
Dilutive effect of: |  |  |  |  |  |  |
Stock options | 320,839 |  |  | 468,286 |  |  | 347,721 |  |  | 501,324 |
Performance and restricted shares | 37,682 |  |  | 546,247 |  |  | 165,627 |  |  | 518,138 |
Assumed conversion of Senior Exchangeable Notes (a) | 1,692,343 |  |  | 2,168,254 |  |  | 2,395,698 |  |  | 2,176,414 |
Assumed conversion of warrants (a) | 1,237,812 |  |  | 1,608,466 |  |  | 2,344,335 |  |  | 2,043,965 |
Shares used for determining diluted earnings per common share | 129,790,513 |  |  | 130,913,404 |  |  | 131,681,660 |  |  | 130,788,974 |
Basic earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.26 |  |  | $ | 0.11 |  |  | $ | 0.38 |  |  | $ | 0.57 |
Discontinued operations | — |  |  | 0.34 |  |  | 0.34 |  |  | 1.76 |
Net income | $ | 0.26 |  |  | $ | 0.45 |  |  | $ | 0.72 |  |  | $ | 2.33 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations | $ | 0.25 |  |  | $ | 0.11 |  |  | $ | 0.36 |  |  | $ | 0.55 |
Discontinued operations | — |  |  | 0.33 |  |  | 0.33 |  |  | 1.68 |
Net income | $ | 0.25 |  |  | $ | 0.44 |  |  | $ | 0.69 |  |  | $ | 2.23 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Anti-dilutive shares excluded from the computations of diluted earnings per share: |  |  |  |  |  |  |
Stock options, performance and restricted shares | 374,562 |  |  | 101,884 |  |  | 485,850 |  |  | 167,487 |
Assumed conversion of exchangeable note hedges (a) | 1,692,343 |  |  | 2,168,254 |  |  | 2,395,698 |  |  | 2,176,414 |
Total | 2,066,905 |  |  | 2,270,138 |  |  | 2,881,548 |  |  | 2,343,901 |
(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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 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.

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 Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: 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 4: 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=32703322&loc=d3e4984-109258 Reference 5: 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=26872669&loc=d3e20235-122688 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration