| Earnings Per Common Share |
EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31: | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Net Income |
| $117,330 |
| |
| $161,579 |
| |
| $217,770 |
| Less: Net income attributable to noncontrolling interest | (15,114 | ) | | (12,737 | ) | | (5,798 | ) | Net income attributable to Rayonier Inc. |
| $102,216 |
| |
| $148,842 |
| |
| $211,972 |
| | | | | | | Shares used for determining basic earnings per common share | 129,043,627 |
| | 127,367,608 |
| | 122,585,200 |
| Dilutive effect of: | | | | | | Stock options | 71,276 |
| | 91,956 |
| | 92,473 |
| Performance and restricted shares | 575,328 |
| | 350,385 |
| | 134,650 |
| Shares used for determining diluted earnings per common share | 129,690,231 |
| | 127,809,949 |
| | 122,812,323 |
| | | | | | | Basic earnings per common share attributable to Rayonier Inc.: |
| $0.79 |
| |
| $1.17 |
| |
| $1.73 |
| Diluted earnings per common share attributable to Rayonier Inc.: |
| $0.79 |
| |
| $1.16 |
| |
| $1.73 |
|
| | | | | | | | | | | 2018 | | 2017 | | 2016 | Anti-dilutive shares excluded from computations of diluted earnings per share: | | | | | | Stock options, performance and restricted shares | 254,282 |
| | 596,061 |
| | 829,469 |
|
|