Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The impact of the August 24, 2011 three-for-two stock split is reflected for all periods presented in the following table which provides details of the calculations of basic and diluted earnings per common share:



	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net income	$	69,079	$	56,454	$	122,515	$	114,865
Shares used for determining basic earnings per common share	122,455,464		121,692,663		122,403,388		121,557,144
Dilutive effect of:
Stock options	669,298		741,561		692,622		731,064
Performance and restricted shares	726,368		951,940		727,968		916,987
Assumed conversion of Senior Exchangeable Notes (a) (b)	2,669,808		2,312,093		2,830,382		1,906,811
Assumed conversion of warrants (a) (b)	890,189		493,167		1,077,217		156,482
Shares used for determining diluted earnings per common share	127,411,127		126,191,424		127,731,577		125,268,488
Basic earnings per common share	$	0.56	$	0.46	$	1.00	$	0.94
Diluted earnings per common share	$	0.54	$	0.45	$	0.96	$	0.92

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]



	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	318,666	143,658	326,777	197,712
Assumed conversion of exchangeable note hedges (a)	2,669,808	2,312,093	2,830,382	1,906,811
Total	2,988,474	2,455,751	3,157,159	2,104,523

(a) Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 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 are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.59 for the Notes due 2012 and $39.67 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debt of this Form 10-Q.

(b) The higher shares used for determining earnings per common share were primarily due to an increase in the average stock price from $42.77 for the three months ended June 30, 2011 to $43.74 for the three months ended June 30, 2012 and from $41.25 for the six months ended June 30, 2011 to $44.40 for the six months ended June 30, 2012.