EARNINGS PER SHARE AND PER UNIT

3 Months Ended

Mar. 31, 2021

The following table provides details of the calculations of basic and diluted earnings per common share of the Company:


	Three Months Ended March 31,
		2021	2020
Earnings per common share - basic
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in the Operating Partnership		(341)	—
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income attributable to Rayonier Inc.		$10,848	$25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares		137,870,821	129,137,494
Basic earnings per common share attributable to Rayonier Inc.:		$0.08	$0.20
Earnings per common share - diluted
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership		$11,189	$25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares		137,870,821	129,137,494
Add: Dilutive effect of:
Stock options		4,051	1,075
Performance shares, restricted shares and restricted stock units		353,131	209,481
Noncontrolling interests in Operating Partnership units		4,330,794	—
Denominator for diluted earnings per common share - adjusted weighted average shares		142,558,797	129,348,050
Diluted earnings per common share attributable to Rayonier Inc.:		$0.08	$0.20


	Three Months Ended March 31,
		2021	2020
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units		194,256	406,326


Total		194,256	406,326

The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership:


	Three Months Ended March 31,
		2021	2020
Earnings per unit - basic
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income available to unitholders		$11,189	$25,854
Denominator:
Denominator for basic earnings per unit - weighted average units		142,201,615	129,137,494
Basic earnings per unit attributable to Rayonier, L.P.:		$0.08	$0.20
Earnings per unit - diluted
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income available to unitholders		$11,189	$25,854
Denominator:
Denominator for basic earnings per unit - weighted average units		142,201,615	129,137,494
Add: Dilutive effect of unit equivalents:
Stock options		4,051	1,075
Performance shares, restricted shares and restricted stock units		353,131	209,481
Denominator for diluted earnings per unit - adjusted weighted average units		142,558,797	129,348,050
Diluted earnings per unit attributable to Rayonier, L.P.:		$0.08	$0.20


	Three Months Ended March 31,
		2021	2020
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units		194,256	406,326


Total		194,256	406,326