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Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:
 
2013
 
2012
 
2011
Income from continuing operations
$
331,765

 
$
271,442

 
$
276,674

Less: Income from continuing operations attributable to noncontrolling interest
1,902

 
—

 
—

Income from continuing operations attributable to Rayonier Inc.
$
329,863

 
$
271,442

 
$
276,674

 
 
 
 
 
 
Income from discontinued operations attributable to Rayonier Inc.
$
42,033

 
$
7,243

 
$
(669
)
 
 
 
 
 
 
Net income attributable to Rayonier Inc.
$
371,896

 
$
278,685

 
$
276,005

 
 
 
 
 
 
Shares used for determining basic earnings per common share
125,717,311

 
122,711,802

 
121,662,985

Dilutive effect of:
 
 
 
 
 
Stock options
463,949

 
634,218

 
702,693

Performance and restricted shares
158,319

 
757,308

 
982,951

Assumed conversion of Senior Exchangeable Notes (a)
1,965,177

 
2,888,650

 
1,895,762

Assumed conversion of warrants (a)
1,800,345

 
1,710,445

 
149,900

Shares used for determining diluted earnings per common share
130,105,101

 
128,702,423

 
125,394,291

Basic earnings per common share attributable to Rayonier Inc.:
 
 
 
 
 
Continuing operations
$
2.63

 
$
2.21

 
$
2.28

Discontinued operations
0.33

 
0.06

 
(0.01
)
Net income
$
2.96

 
$
2.27

 
$
2.27

Diluted earnings per common share attributable to Rayonier Inc.:
 
 
 
 
 
Continuing operations
$
2.54

 
$
2.11

 
$
2.21

Discontinued operations
0.32

 
0.06

 
(0.01
)
Net income
$
2.86

 
$
2.17

 
$
2.20

The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or 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. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
 
2013
 
2012
 
2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
 
 
 
 
 
Stock options, performance and restricted shares
337,145

 
224,918

 
161,786

Assumed conversion of exchangeable note hedges (a)
1,965,177

 
2,888,650

 
1,895,762

Total
2,302,322

 
3,113,568

 
2,057,548

 
 
 
 
 
(a)
The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or 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. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013.