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EARNINGS PER SHARE AND PER UNIT | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE AND PER UNIT | EARNINGS PER SHARE AND PER UNIT Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units. The following table provides details of the calculations of basic and diluted earnings per common share of the Company for the three years ended December 31:
| 2023 |  | 2022 |  | 2021
Earnings per common share - basic |  |  |  |  |
Numerator: |  |  |  |  |
Net Income | $178,495 |  |  | $122,791 |  |  | $210,487 |
Less: Net income attributable to noncontrolling interests in the operating partnership | (2,905) |  |  | (2,393) |  |  | (4,516) |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (2,097) |  |  | (13,321) |  |  | (53,421) |
Net income attributable to Rayonier Inc. | $173,493 |  |  | $107,077 |  |  | $152,550 |
Denominator: |  |  |  |  |
Denominator for basic earnings per common share - weighted average shares | 148,046,673 |  |  | 146,209,847 |  |  | 140,812,882 |
Basic earnings per common share attributable to Rayonier Inc.: | $1.17 |  |  | $0.73 |  |  | $1.08 |
Earnings per common share - diluted |  |  |  |  |
Numerator: |  |  |  |  |
Net Income | $178,495 |  |  | $122,791 |  |  | $210,487 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (2,097) |  |  | (13,321) |  |  | (53,421) |
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | $176,398 |  |  | $109,470 |  |  | $157,066 |
Denominator: |  |  |  |  |
Denominator for basic earnings per common share - weighted average shares | 148,046,673 |  |  | 146,209,847 |  |  | 140,812,882 |
Add: Dilutive effect of: |  |  |  |  |
Stock options | 472 |  |  | 5,132 |  |  | 8,727 |
Performance shares, restricted shares and restricted stock units | 401,351 |  |  | 669,501 |  |  | 416,527 |
Noncontrolling interests in operating partnership units | 2,618,699 |  |  | 3,268,473 |  |  | 4,062,725 |
Denominator for diluted earnings per common share - adjusted weighted average shares | 151,067,195 |  |  | 150,152,953 |  |  | 145,300,861 |
Diluted earnings per common share attributable to Rayonier Inc.: | $1.17 |  |  | $0.73 |  |  | $1.08 |
| 2023 |  | 2022 |  | 2021
Anti-dilutive shares excluded from computations of diluted earnings per common share: |  |  |  |  |
Stock options, performance shares, restricted shares and restricted stock units | 164,865 |  |  | 103,514 |  |  | 149,705 |
Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units. The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership for the three years ended December 31:
| 2023 |  | 2022 |  | 2021
Earnings per unit - basic |  |  |  |  |
Numerator: |  |  |  |  |
Net Income | $178,495 |  |  | $122,791 |  |  | $210,487 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (2,097) |  |  | (13,321) |  |  | (53,421) |
Net income available to unitholders | $176,398 |  |  | $109,470 |  |  | $157,066 |
Denominator: |  |  |  |  |
Denominator for basic earnings per unit - weighted average units | 150,665,372 |  |  | 149,478,320 |  |  | 144,875,607 |
Basic earnings per unit attributable to Rayonier, L.P.: | $1.17 |  |  | $0.73 |  |  | $1.08 |
Earnings per unit - diluted |  |  |  |  |
Numerator: |  |  |  |  |
Net Income | $178,495 |  |  | $122,791 |  |  | $210,487 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (2,097) |  |  | (13,321) |  |  | (53,421) |
Net income available to unitholders | $176,398 |  |  | $109,470 |  |  | $157,066 |
Denominator: |  |  |  |  |
Denominator for basic earnings per unit - weighted average units | 150,665,372 |  |  | 149,478,320 |  |  | 144,875,607 |
Add: Dilutive effect of unit equivalents: |  |  |  |  |
Stock options | 472 |  |  | 5,132 |  |  | 8,727 |
Performance shares, restricted shares and restricted stock units | 401,351 |  |  | 669,501 |  |  | 416,527 |
Denominator for diluted earnings per unit - adjusted weighted average units | 151,067,195 |  |  | 150,152,953 |  |  | 145,300,861 |
Diluted earnings per unit attributable to Rayonier, L.P. | $1.17 |  |  | $0.73 |  |  | $1.08 |
| 2023 |  | 2022 |  | 2021
Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: |  |  |  |  |
Stock options, performance shares, restricted shares and restricted stock units | 164,865 |  |  | 103,514 |  |  | 149,705 |

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