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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:
| 2015 |  | 2014 |  | 2013
Income from continuing operations |  | $43,941 |  |  |  | $54,443 |  |  |  | $105,843 |
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | (2,224 | ) |  | (1,491 | ) |  | 1,902 |
Income from continuing operations attributable to Rayonier Inc. |  | $46,165 |  |  |  | $55,934 |  |  |  | $103,941 |
Income from discontinued operations attributable to Rayonier Inc. | — |  |  |  | $43,403 |  |  |  | $267,955 |
Net income attributable to Rayonier Inc. |  | $46,165 |  |  |  | $99,337 |  |  |  | $371,896 |
Shares used for determining basic earnings per common share | 125,385,085 |  |  | 126,458,710 |  |  | 125,717,311 |
Dilutive effect of: |  |  |  |  |
Stock options | 116,792 |  |  | 323,125 |  |  | 463,949 |
Performance and restricted shares | 39,863 |  |  | 149,292 |  |  | 158,319 |
Assumed conversion of Senior Exchangeable Notes (a) | 358,449 |  |  | 2,149,982 |  |  | 1,965,177 |
Assumed conversion of warrants (a) | — |  |  | 1,957,154 |  |  | 1,800,345 |
Shares used for determining diluted earnings per common share | 125,900,189 |  |  | 131,038,263 |  |  | 130,105,101 |
Basic earnings per common share attributable to Rayonier Inc.: |  |  |  |  |
Continuing operations |  | $0.37 |  |  |  | $0.44 |  |  |  | $0.83 |
Discontinued operations | — |  |  | 0.34 |  |  | 2.13 |
Net income |  | $0.37 |  |  |  | $0.78 |  |  |  | $2.96 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |  |  |
Continuing operations |  | $0.37 |  |  |  | $0.43 |  |  |  | $0.80 |
Discontinued operations | — |  |  | 0.33 |  |  | 2.06 |
Net income |  | $0.37 |  |  |  | $0.76 |  |  |  | $2.86 |
| 2015 |  | 2014 |  | 2013
Anti-dilutive shares excluded from the computations of diluted earnings per share: |  |  |  |  |
Stock options, performance and restricted shares | 897,800 |  |  | 461,663 |  |  | 337,145 |
Assumed conversion of exchangeable note hedges (a) | 358,449 |  |  | 2,149,982 |  |  | 1,965,177 |
Total | 1,256,249 |  |  | 2,611,645 |  |  | 2,302,322 |
(a) | In September and October 2013, $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders; however, no additional shares were issued due to offsetting hedges. Similarly, Rayonier did not issue additional shares upon the August 2015 maturity of the remaining 2015 Notes due to offsetting hedges. ASC 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. The dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding.
The warrants sold in conjunction with the Senior Exchangeable Notes due 2012 began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. For the year ended 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 the February 2016 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 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the year ended 2015 as the average stock price did not exceed the strike price. For further information, see Note 5 — Debt.

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