EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Earnings Per Share, Basic and Diluted

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
Net Income (Loss)		$111,579		($2,860	)		$126,637		$15,320
Less: Net income (loss) attributable to noncontrolling interest	1,758		(1,324		)	2,344		(891		)
Net income (loss) attributable to Rayonier Inc.		$109,821		($1,536	)		$124,293		$16,211

Shares used for determining basic earnings (loss) per common share	122,567,853		126,635,710			122,562,046		126,625,081
Dilutive effect of:
Stock options	98,407		—			75,967		146,754
Performance and restricted shares	154,654		—			94,889		30,515
Assumed conversion of Senior Exchangeable Notes (a)	—		—			—		702,301
Assumed conversion of warrants (a)	—		—			—		—
Shares used for determining diluted earnings (loss) per common share	122,820,914		126,635,710			122,732,902		127,504,651

Basic earnings (loss) per common share attributable to Rayonier Inc.:		$0.90		($0.01	)		$1.01		$0.13

Diluted earnings (loss) per common share attributable to Rayonier Inc.:		$0.89		($0.01	)		$1.01		$0.13

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended June 30,		Six Months Ended June 30,
	2016	2015	2016	2015
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share:
Stock options, performance and restricted shares	748,402	158,191	921,928	937,236
Assumed conversion of exchangeable note hedges (a)	—	—	—	702,301
Assumed conversion of Senior Exchangeable Notes due 2015	—	501,189	—	—
Total	748,402	659,380	921,928	1,639,537

(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 required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeded the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the prior period presented.

Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the six months ended June 30, 2016 and 2015 as the average stock price for the periods the warrants were outstanding did not exceed the strike price.