XML 85 R27.htm IDEA: XBRL DOCUMENT
v3.2.0.727

(LOSS) EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2015
Earnings Per Share [Abstract] |
Schedule of Earnings Per Share, Basic and Diluted | (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. ASC 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. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 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. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. The following table provides details of the calculations of basic and diluted (loss) earnings per common share:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
(Loss) income from continuing operations |  | ($2,860 | ) |  |  | $4,024 |  |  |  | $15,320 |  |  |  | $14,359 |
Less: Net (loss) from continuing operations attributable to noncontrolling interest | (1,324 | ) |  | (245 | ) |  | (891 | ) |  | (328 | )
(Loss) income from continuing operations attributable to Rayonier Inc. |  | ($1,536 | ) |  |  | $4,269 |  |  |  | $16,211 |  |  |  | $14,687 |
Income from discontinued operations, net, attributable to Rayonier Inc. | — |  |  |  | $12,084 |  |  | — |  |  | 43,092 |
Net (loss) income attributable to Rayonier Inc. |  | ($1,536 | ) |  |  | $16,353 |  |  |  | $16,211 |  |  |  | $57,779 |
Shares used for determining basic (loss) earnings per common share | 126,635,710 |  |  | 126,434,376 |  |  | 126,625,081 |  |  | 126,390,891 |
Dilutive effect of: |  |  |  |  |  |  |
Stock options | — |  |  | 293,213 |  |  | 146,754 |  |  | 296,768 |
Performance and restricted shares | — |  |  | 201,956 |  |  | 30,515 |  |  | 194,995 |
Assumed conversion of Senior Exchangeable Notes (a) | — |  |  | 2,631,514 |  |  | 702,301 |  |  | 2,579,402 |
Assumed conversion of warrants (a) | — |  |  | 2,738,606 |  |  | — |  |  | 2,656,633 |
Shares used for determining diluted (loss) earnings per common share | 126,635,710 |  |  | 132,299,665 |  |  | 127,504,651 |  |  | 132,118,689 |
Basic (loss) earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations |  | ($0.01 | ) |  |  | $0.03 |  |  |  | $0.13 |  |  |  | $0.12 |
Discontinued operations | — |  |  | 0.10 |  |  | — |  |  | 0.34 |
Net (loss) income |  | ($0.01 | ) |  |  | $0.13 |  |  |  | $0.13 |  |  |  | $0.46 |
Diluted (loss) earnings per common share attributable to Rayonier Inc.: |  |  |  |  |  |  |
Continuing operations |  | ($0.01 | ) |  |  | $0.03 |  |  |  | $0.13 |  |  |  | $0.11 |
Discontinued operations | — |  |  | 0.09 |  |  | — |  |  | 0.33 |
Net (loss) income |  | ($0.01 | ) |  |  | $0.12 |  |  |  | $0.13 |  |  |  | $0.44 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share: |  |  |  |  |  |  |
Stock options, performance and restricted shares (b) | 158,191 |  |  | 507,044 |  |  | 937,236 |  |  | 499,193 |
Assumed conversion of exchangeable note hedges (a) | — |  |  | 2,631,514 |  |  | 702,301 |  |  | 2,579,402 |
Assumed conversion of Senior Exchangeable Notes due 2015 (b) | 501,189 |  |  | — |  |  | — |  |  | — |
Total | 659,380 |  |  | 3,138,558 |  |  | 1,639,537 |  |  | 3,078,595 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share: |  |  |  |  |  |  |
Stock options, performance and restricted shares (b) | 158,191 |  |  | 507,044 |  |  | 937,236 |  |  | 499,193 |
Assumed conversion of exchangeable note hedges (a) | — |  |  | 2,631,514 |  |  | 702,301 |  |  | 2,579,402 |
Assumed conversion of Senior Exchangeable Notes due 2015 (b) | 501,189 |  |  | — |  |  | — |  |  | — |
Total | 659,380 |  |  | 3,138,558 |  |  | 1,639,537 |  |  | 3,078,595 |
(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. ASC 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. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 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. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. (b) For the three months ended June 30, 2015, the assumed conversion of the 2015 Notes, as well as incremental shares related to stock options, performance shares, and restricted shares, were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration