(LOSS) EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2019

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net Income		$1,528			$30,639			$50,241			$112,682
Less: Net income attributable to noncontrolling interest	(1,961		)	(7,207		)	(7,129		)	(12,453		)
Net (loss) income attributable to Rayonier Inc.		($433	)		$23,432			$43,112			$100,229

Shares used for determining basic (loss) earnings per common share	129,325,181			129,142,931			129,293,562			129,005,074
Dilutive effect of:
Stock options	—			73,372			13,405			85,000
Performance and restricted shares	—			539,571			345,495			584,364
Shares used for determining diluted (loss) earnings per common share	129,325,181			129,755,874			129,652,462			129,674,438

Basic (loss) earnings per common share attributable to Rayonier Inc.:	—				$0.18			$0.33			$0.78

Diluted (loss) earnings per common share attributable to Rayonier Inc.:	—				$0.18			$0.33			$0.77



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
Stock options, performance and restricted shares (a)	611,740	150,313	421,853	192,265
Total	611,740	150,313	421,853	192,265

(a)

For the three months ended September 30, 2019, the incremental shares related to stock options, performance shares and restricted shares were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.