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EARNINGS PER COMMON SHARE Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Income amounts attributable to Rayonier Inc.    
Income from continuing operations $ 41,343 $ 103,258
Less: Loss from continuing operations attributable to noncontrolling interest (83) 0
Income from continuing operations attributable to Rayonier Inc. 41,426 103,258
Income from discontinued operations attributable to Rayonier Inc. 0 44,477
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $ 41,426 $ 147,735
Shares used for determining basic earnings per common share 126,344,987 124,479,865
Dilutive effect of:    
Stock options 286,535 533,031
Performance and restricted shares 83,850 448,440
Assumed conversion of Senior Exchangeable Notes 1,063,538 [1] 2,115,959 [1]
Assumed conversion of warrants 645,583 [1],[2] 2,859,593 [1],[2]
Shares used for determining diluted earnings per common share 128,424,493 130,436,888
Basic earnings per common share attributable to Rayonier Inc.:    
Continuing operations, Basic (in dollars per share) $ 0.33 $ 0.83
Discontinued operations, Basic (in dollars per share) $ 0.00 $ 0.36
Net Income, Basic (in dollars per share) $ 0.33 $ 1.19
Diluted earnings per common share attributable to Rayonier Inc.:    
Continuing operations, Diluted (in dollars per share) $ 0.32 $ 0.79
Discontinued operations, Diluted (in dollars per share) $ 0.00 $ 0.34
Net Income, Diluted (in dollars per share) $ 0.32 $ 1.13
[1] Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 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 full dilutive effect of the 2015 Notes was included for the three months ended March 31, 2013 and March 31, 2014.The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $38.97 per share. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 16 — Debt of this Form 10-Q/A.
[2] The shares used for the assumed conversion of the warrants decreased in the first quarter of 2014 as there was no dilutive impact from the warrants on the 2012 Notes.