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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 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 September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Income from continuing operations

$19,181

 

$32,059

 

$34,501

 

$46,418

Less: Net loss from continuing operations attributable to noncontrolling interest
(488
)
 
(642
)
 
(1,379
)
 
(970
)
Income from continuing operations attributable to Rayonier Inc.

$19,669

 

$32,701

 

$35,880

 

$47,388

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

 
—

 
—

 
43,092

 
 
 
 
 
 
 
 
Net income attributable to Rayonier Inc.

$19,669

 

$32,701

 

$35,880

 

$90,480

 
 
 
 
 
 
 
 
Shares used for determining basic earnings per common share
125,143,706

 
126,501,837

 
126,125,802

 
126,428,279

Dilutive effect of:
 
 
 
 
 
 
 
Stock options
91,495

 
320,839

 
129,906

 
347,721

Performance and restricted shares
31,051

 
37,682

 
37,064

 
165,627

Assumed conversion of Senior Exchangeable Notes (a)
39,720

 
1,692,343

 
477,931

 
2,395,698

Assumed conversion of warrants (a)
—

 
1,237,812

 
—

 
2,344,335

Shares used for determining diluted earnings per common share
125,305,972

 
129,790,513

 
126,770,703

 
131,681,660

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

$0.16

 

$0.26

 

$0.28

 

$0.38

Discontinued operations
—

 
—

 
—

 
0.34

Net income

$0.16

 

$0.26

 

$0.28

 

$0.72

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

$0.16

 

$0.25

 

$0.28

 

$0.36

Discontinued operations
—

 
—

 
—

 
0.33

Net income

$0.16

 

$0.25

 

$0.28

 

$0.69


 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Anti-dilutive shares excluded from the computations of diluted earnings per share:
 
 
 
 
 
 
 
Stock options, performance and restricted shares
994,549

 
374,562

 
906,582

 
485,850

Assumed conversion of exchangeable note hedges (a)
39,720

 
1,692,343

 
477,931

 
2,395,698

Total
1,034,269

 
2,066,905

 
1,384,513

 
2,881,548


 
 
 
 
 
(a)     Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 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 conversion of the hedges is excluded since they are anti-dilutive. The dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the 2015 Notes were outstanding.
Rayonier will distribute additional shares upon the February 2016 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 nine months ended September 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.