(LOSS) EARNINGS PER SHARE AND PER UNIT (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of (Loss) Earnings Per Share and Per Unit, Basic and Diluted

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020		2019	2020	2019
(Loss) Earnings per common share - basic
Numerator:
Net (Loss) Income	($9,498)		$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25		—	(195)	—
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715		(1,961)	9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	($758)		($433)	$26,830	$43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares	136,351,271		129,325,181	132,948,124	129,293,562
Basic (loss) earnings per common share attributable to Rayonier Inc.:	($0.01)		—	$0.20	$0.33
(Loss) Earnings per common share - diluted
Numerator:
Net (Loss) Income	($9,498)		$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	8,715		(1,961)	9,647	(7,129)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	(a)	—	—	—
Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted	($758)		($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares	136,351,271		129,325,181	132,948,124	129,293,562
Add: Dilutive effect of:
Stock options	—		—	492	13,405
Performance shares, restricted shares and restricted stock units	—		—	159,018	345,495
Noncontrolling interests in common units	—	(a)	—	2,352,822	—
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares	136,351,271		129,325,181	135,460,456	129,652,462
Diluted (loss) earnings per common share attributable to Rayonier Inc.:	($0.01)		—	$0.20	$0.33

(a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interest in the Operating Partnership was included in the numerator for diluted (loss) earnings per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in common units were excluded from the denominator of diluted loss per share.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
(Loss) earnings per common unit - basic
Numerator:
Net (Loss) Income	($9,498)	$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
Net (loss) income available to unitholders	($783)	($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units	140,797,217	129,325,181	135,300,946	129,293,562
Basic (loss) earnings per common unit attributable to Rayonier, L.P.:	($0.01)	—	$0.20	$0.33
(Loss) earnings per common unit - diluted
Numerator:
Net (Loss) Income	($9,498)	$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
Net (loss) income available to unitholders	($783)	($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units	140,797,217	129,325,181	135,300,946	129,293,562
Add: Dilutive effect of unit equivalents:
Stock options	—	—	492	13,405
Performance shares, restricted shares and restricted stock units	—	—	159,018	345,495
Denominator for diluted (loss) earnings per common unit - adjusted weighted average units	140,797,217	129,325,181	135,460,456	129,652,462
Diluted (loss) earnings per common unit attributable to Rayonier, L.P.:	($0.01)	—	$0.20	$0.33

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share:
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units (a)	5,038,514	611,740	471,999	421,853


Total	5,038,514	611,740	471,999	421,853

(a) For the three months ended September 30, 2020 and September 30, 2019, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Anti-dilutive unit equivalents excluded from the computations of diluted (loss) earnings per common unit:
Stock options, performance shares, restricted shares and restricted stock units (a)	592,568	611,740	471,999	421,853


Total	592,568	611,740	471,999	421,853

(a) For the three months ended September 30, 2020 and September 30, 2019, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect