EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

The following table provides details of the calculations of basic and diluted earnings per common share:

	Three Months Ended March 31,
	2015		2014
Income from continuing operations		$18,180		$10,335
Less: Net income (loss) from continuing operations attributable to noncontrolling interest	433		(83		)
Income from continuing operations attributable to Rayonier Inc.		$17,747		$10,418
Income from discontinued operations, net, attributable to Rayonier Inc.	—		31,008
Net income attributable to Rayonier Inc.		$17,747		$41,426
Shares used for determining basic earnings per common share	126,614,334		126,344,987
Dilutive effect of:
Stock options	168,680		286,535
Performance and restricted shares	51,494		83,850
Assumed conversion of Senior Exchangeable Notes (a)	892,885		1,063,538
Assumed conversion of warrants (a)	—		645,583
Shares used for determining diluted earnings per common share	127,727,393		128,424,493
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations		$0.14		$0.08
Discontinued operations	—		0.25
Net income		$0.14		$0.33
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations		$0.14		$0.08
Discontinued operations	—		0.24
Net income		$0.14		$0.32

	Three Months Ended March 31,
	2015	2014
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	757,960	731,046
Assumed conversion of exchangeable note hedges (a)	892,885	1,063,538
Total	1,650,845	1,794,584

(a) 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. ASC 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 price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented.

Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debtin the 2014 Form 10-K and Note 15 — Debtof this Form 10-Q.