Incentive Stock Plans (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs |
A summary of the Company’s stock-based compensation cost is presented below: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Selling and general expenses |
| $3,752 |
| |
| $7,100 |
| |
| $10,700 |
| Cost of sales | 635 |
| | 678 |
| | 942 |
| Timber and Timberlands, net (a) | 97 |
| | 91 |
| | 68 |
| Total stock-based compensation |
| $4,484 |
| |
| $7,869 |
| |
| $11,710 |
| | | | | | | Tax benefit recognized related to stock-based compensation expense |
| $302 |
| |
| $1,714 |
| |
| $3,077 |
|
| | (a) | Represents amounts capitalized as part of the overhead allocation of timber-related costs. |
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of the Company’s restricted shares is presented below: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Restricted shares granted | 96,088 |
| | 186,783 |
| | 33,607 |
| Weighted average price of restricted shares granted |
| $26.28 |
| |
| $36.42 |
| |
| $57.54 |
| Intrinsic value of restricted stock outstanding (a) | 4,434 |
| | 5,142 |
| | 1,652 |
| Grant date fair value of restricted stock vested | 2,632 |
| | 1,318 |
| | 1,266 |
| Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested |
| $122 |
| |
| $24 |
| |
| $277 |
|
| | (a) | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2015. |
| | | | | | | | | 2015 | | Number of Shares | | Weighted Average Grant Date Fair Value | Non-vested Restricted Shares at January 1, | 184,023 |
| |
| $37.53 |
| Granted | 96,088 |
| | 26.28 |
| Vested | (76,421 | ) | | 34.45 |
| Cancelled | (3,951 | ) | | 40.88 |
| Non-vested Restricted Shares at December 31, | 199,739 |
| (a) |
| $33.09 |
|
| | (a) | Represents all Rayonier restricted shares outstanding as of December 31, 2015, including restricted share awards held by Rayonier Advanced Materials employees. |
|
| Schedule of Nonvested Performance-based Units Activity |
A summary of the Company’s performance share units is presented below: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Common shares of Company stock reserved for performance shares granted during year | 219,844 |
| | 130,164 |
| | 276,240 |
| Weighted average fair value of performance share units granted |
| $29.62 |
| |
| $40.33 |
| |
| $59.16 |
| Intrinsic value of outstanding performance share units (a) | 3,822 |
| | 5,840 |
| | 22,092 |
| Fair value of performance shares vested | — |
| | — |
| | 6,961 |
| Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested | — |
| |
| $1,834 |
| |
| $11,048 |
|
| | (a) | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2015. |
| | | | | | | | | 2015 | | Number of Units | | Weighted Average Grant Date Fair Value | Outstanding Performance Share units at January 1, | 209,024 |
| |
| $51.01 |
| Granted | 109,922 |
| | 29.62 |
| Other Cancellations/Adjustments | (146,790 | ) | (a) | 56.00 |
| Outstanding Performance Share units at December 31, | 172,156 |
| |
| $33.12 |
|
| | (a) | Includes primarily 2012 performance shares issued to Rayonier and Rayonier Advanced Material employees that did not meet the minimum performance requirement for vesting. |
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2015: | | | | | | | | | | | 2015 | | 2014 (a) | | 2013 | Expected volatility | 21.9 | % | | 19.7 | % | | 23.2 | % | Risk-free rate | 0.9 | % | | 0.7 | % | | 0.4 | % |
| | (a) | Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%. |
|
| Schedule of Share-based Compensation, Stock Options, Activity |
The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the two years ended December 31, 2014 as no options were granted during the year ended December 31, 2015: | | | | | | | | | | 2014 (a) | | 2013 | Expected volatility | 39.3 | % | | 39.0 | % | Dividend yield | 4.6 | % | | 3.4 | % | Risk-free rate | 2.2 | % | | 1.0 | % | Expected life (in years) | 6.3 |
| | 6.3 |
| Fair value per share of options granted (b) |
| $10.58 |
| |
| $14.01 |
| Fair value of options granted (in millions) |
| $3.2 |
| |
| $2.7 |
|
| | (a) | The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees. |
| | (b) | The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants and $10.70 for 2013 grants. |
A summary of the status of the Company’s stock options as of and for the year ended December 31, 2015 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. | | | | | | | | | | | | | | | 2015 | | Number of Shares | | Weighted Average Exercise Price (per common share) | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value | Options outstanding at January 1, | 1,369,900 |
| |
| $27.21 |
| | | | | Granted | — |
| | — |
| | | | | Exercised | (113,082 | ) | | 18.95 |
| | | | | Cancelled or expired | (37,084 | ) | | 32.86 |
| | | | | Options outstanding at December 31, | 1,219,734 |
| |
| $27.80 |
| | 5.3 | |
| $1,380 |
| Options exercisable at December 31, | 1,003,510 |
| |
| $26.63 |
| | 4.7 | |
| $1,380 |
|
A summary of additional information pertaining to the Company’s stock options is presented below: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Intrinsic value of options exercised (a) |
| $773 |
| |
| $4,044 |
| |
| $12,263 |
| Fair value of options vested | 1,938 |
| | 3,054 |
| | 2,558 |
| Cash received from exercise of options | 2,117 |
| | 5,579 |
| | 10,101 |
|
| | (a) | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. |
|