Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

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:



	2017		2016		2015
Net Income		$161,579		$217,770		$43,941
Less: Net income (loss) attributable to noncontrolling interest	12,737		5,798		(2,224		)
Net income attributable to Rayonier Inc.		$148,842		$211,972		$46,165

Shares used for determining basic earnings per common share	127,367,608		122,585,200		125,385,085
Dilutive effect of:
Stock options	91,956		92,473		116,792
Performance and restricted shares	350,385		134,650		39,863
Assumed conversion of Senior Exchangeable Notes (a)	—		—		358,449
Assumed conversion of warrants (a)	—		—		—
Shares used for determining diluted earnings per common share	127,809,949		122,812,323		125,900,189

Basic earnings per common share attributable to Rayonier Inc.:		$1.17		$1.73		$0.37
Diluted earnings per common share attributable to Rayonier Inc.:		$1.16		$1.73		$0.37

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	2017	2016	2015
Anti-dilutive shares excluded from computations of diluted earnings per share:
Stock options, performance and restricted shares	596,061	829,469	897,800
Assumed conversion of exchangeable note hedges (a)	—	—	358,449
Total	596,061	829,469	1,256,249

(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 exceeds 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 portion of the periods presented in which the notes were outstanding.

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 year ended 2016 as the average stock price for the period the warrants were outstanding did not exceed the strike price.