EARNINGS PER SHARE AND PER UNIT

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT

    Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Operating Partnership units.

    The following table provides details of the calculations of basic and diluted earnings per common share of the Company for the three years ended December 31:

	2020	2019	2018
Earnings per common share - basic
Numerator:
Net Income	$29,784	$67,678	$117,330
Less: Net (income) attributable to noncontrolling interest in the Operating Partnership	(528)	—	—
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	7,828	(8,573)	(15,114)
Net income attributable to Rayonier Inc.	$37,084	$59,105	$102,216
Denominator:
Denominator for basic earnings per common share - weighted average shares	133,865,867	129,257,202	129,043,627
Basic earnings per common share attributable to Rayonier Inc.:	$0.28	$0.46	$0.79
Earnings per common share - diluted
Numerator:
Net Income	$29,784	$67,678	$117,330
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	7,828	(8,573)	(15,114)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$37,612	$59,105	$102,216
Denominator:
Denominator for basic earnings per common share - weighted average shares	133,865,867	129,257,202	129,043,627
Add: Dilutive effect of:
Stock options	633	12,209	71,276
Performance shares, restricted shares and restricted stock units	198,955	328,977	575,328
Noncontrolling interests in Operating Partnership units	2,877,447	—	—
Denominator for diluted earnings per common share - adjusted weighted average shares	136,942,902	129,598,388	129,690,231
Diluted earnings per common share attributable to Rayonier Inc.:	$0.27	$0.46	$0.79

	2020	2019	2018
Anti-dilutive shares excluded from computations of diluted earnings per share:
Stock options, performance shares, restricted shares and restricted stock units	450,551	450,681	254,282

Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units.

    The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership for the three years ended December 31:

	2020	2019	2018
Earnings per unit - basic
Numerator:
Net Income	$29,784	$67,678	$117,330
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	7,828	(8,573)	(15,114)
Net income available to unitholders	$37,612	$59,105	$102,216
Denominator:
Denominator for basic earnings per unit - weighted average units	136,743,314	129,257,202	129,043,627
Basic earnings per unit attributable to Rayonier, L.P.:	$0.28	$0.46	$0.79
Earnings per unit - diluted
Numerator:
Net Income	$29,784	$67,678	$117,330
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	7,828	(8,573)	(15,114)
Net income available to unitholders	$37,612	$59,105	$102,216
Denominator:
Denominator for basic earnings per unit - weighted average units	136,743,314	129,257,202	129,043,627
Add: Dilutive effect of unit equivalents:
Stock options	633	12,209	71,276
Performance shares, restricted shares and restricted stock units	198,955	328,977	575,328
Denominator for diluted earnings per unit - adjusted weighted average units	136,942,902	129,598,388	129,690,231
Diluted earnings per unit attributable to Rayonier, L.P.	$0.27	$0.46	$0.79

	2020	2019	2018
Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	450,551	450,681	254,282