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Earnings Per Common Share (Notes)
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Common Share [Text Block]
2.
EARNINGS PER COMMON SHARE
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


 
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.