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(LOSS) EARNINGS PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
(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, except for second quarter 2015 due to the loss incurred in that period.
Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 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 and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q.
The following table provides details of the calculations of basic and diluted (loss) earnings per common share:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
(Loss) income from continuing operations

($2,860
)
 

$4,024

 

$15,320

 

$14,359

Less: Net (loss) from continuing operations attributable to noncontrolling interest
(1,324
)
 
(245
)
 
(891
)
 
(328
)
(Loss) income from continuing operations attributable to Rayonier Inc.

($1,536
)
 

$4,269

 

$16,211

 

$14,687

 
 
 
 
 
 
 
 
Income from discontinued operations, net, attributable to Rayonier Inc.
—

 

$12,084

 
—

 
43,092

 
 
 
 
 
 
 
 
Net (loss) income attributable to Rayonier Inc.

($1,536
)
 

$16,353

 

$16,211

 

$57,779

 
 
 
 
 
 
 
 
Shares used for determining basic (loss) earnings per common share
126,635,710

 
126,434,376

 
126,625,081

 
126,390,891

Dilutive effect of:
 
 
 
 
 
 
 
Stock options
—

 
293,213

 
146,754

 
296,768

Performance and restricted shares
—

 
201,956

 
30,515

 
194,995

Assumed conversion of Senior Exchangeable Notes (a)
—

 
2,631,514

 
702,301

 
2,579,402

Assumed conversion of warrants (a)
—

 
2,738,606

 
—

 
2,656,633

Shares used for determining diluted (loss) earnings per common share
126,635,710

 
132,299,665

 
127,504,651

 
132,118,689

Basic (loss) earnings per common share attributable to Rayonier Inc.:
 
 
 
 
 
 
 
Continuing operations

($0.01
)
 

$0.03

 

$0.13

 

$0.12

Discontinued operations
—

 
0.10

 
—

 
0.34

Net (loss) income

($0.01
)
 

$0.13

 

$0.13

 

$0.46

Diluted (loss) earnings per common share attributable to Rayonier Inc.:
 
 
 
 
 
 
 
Continuing operations

($0.01
)
 

$0.03

 

$0.13

 

$0.11

Discontinued operations
—

 
0.09

 
—

 
0.33

Net (loss) income

($0.01
)
 

$0.12

 

$0.13

 

$0.44


 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
 
 
 
 
 
 
 
Stock options, performance and restricted shares (b)
158,191

 
507,044

 
937,236

 
499,193

Assumed conversion of exchangeable note hedges (a)
—

 
2,631,514

 
702,301

 
2,579,402

Assumed conversion of Senior Exchangeable Notes due 2015 (b)
501,189

 
—

 
—

 
—

Total
659,380

 
3,138,558

 
1,639,537

 
3,078,595
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
 
 
 
 
 
 
 
Stock options, performance and restricted shares (b)
158,191

 
507,044

 
937,236

 
499,193

Assumed conversion of exchangeable note hedges (a)
—

 
2,631,514

 
702,301

 
2,579,402

Assumed conversion of Senior Exchangeable Notes due 2015 (b)
501,189

 
—

 
—

 
—

Total
659,380

 
3,138,558

 
1,639,537

 
3,078,595


 
 
 
 
 
(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, except for second quarter 2015 due to the loss incurred in that period.
Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 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 and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q.
(b)    For the three months ended June 30, 2015, the assumed conversion of the 2015 Notes, as well as incremental shares related to stock options, performance shares, and restricted shares, were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.