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Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2015
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:
 
2015
 
2014
 
2013
Income from continuing operations

$43,941

 

$54,443

 

$105,843

Less: Net (loss) income from continuing operations attributable to noncontrolling interest
(2,224
)
 
(1,491
)
 
1,902

Income from continuing operations attributable to Rayonier Inc.

$46,165

 

$55,934

 

$103,941

 
 
 
 
 
 
Income from discontinued operations attributable to Rayonier Inc.
—

 

$43,403

 

$267,955

 
 
 
 
 
 
Net income attributable to Rayonier Inc.

$46,165

 

$99,337

 

$371,896

 
 
 
 
 
 
Shares used for determining basic earnings per common share
125,385,085

 
126,458,710

 
125,717,311

Dilutive effect of:
 
 
 
 
 
Stock options
116,792

 
323,125

 
463,949

Performance and restricted shares
39,863

 
149,292

 
158,319

Assumed conversion of Senior Exchangeable Notes (a)
358,449

 
2,149,982

 
1,965,177

Assumed conversion of warrants (a)
—

 
1,957,154

 
1,800,345

Shares used for determining diluted earnings per common share
125,900,189

 
131,038,263

 
130,105,101

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

$0.37

 

$0.44

 

$0.83

Discontinued operations
—

 
0.34

 
2.13

Net income

$0.37

 

$0.78

 

$2.96

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

$0.37

 

$0.43

 

$0.80

Discontinued operations
—

 
0.33

 
2.06

Net income

$0.37

 

$0.76

 

$2.86

(a)
In September and October 2013, $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders; however, no additional shares were issued due to offsetting hedges. Similarly, Rayonier did not issue additional shares upon the August 2015 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. The dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding.
The warrants sold in conjunction with the Senior Exchangeable Notes due 2012 began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. For the year ended 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 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 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the year ended 2015 as the average stock price did not exceed the strike price. For further information, see Note 5 — Debt.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
 
2015
 
2014
 
2013
Anti-dilutive shares excluded from the computations of diluted earnings per share:
 
 
 
 
 
Stock options, performance and restricted shares
897,800

 
461,663

 
337,145

Assumed conversion of exchangeable note hedges (a)
358,449

 
2,149,982

 
1,965,177

Total
1,256,249

 
2,611,645

 
2,302,322

 
 
 
 
 
(a)
In September and October 2013, $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders; however, no additional shares were issued due to offsetting hedges. Similarly, Rayonier did not issue additional shares upon the August 2015 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. The dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding.
The warrants sold in conjunction with the Senior Exchangeable Notes due 2012 began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. For the year ended 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 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 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the year ended 2015 as the average stock price did not exceed the strike price. For further information, see Note 5 — Debt.