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

9 Months Ended

Sep. 30, 2021

Schedule of Earnings Per Share and Per Unit, Basic and Diluted

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021	2020
Earnings (Loss) per common share - basic
Numerator:
Net Income (Loss)	$110,512		($9,498)		$188,963	$17,378
Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership	(2,210)		25		(4,303)	(195)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(32,471)		8,715		(40,775)	9,647
Net income (loss) attributable to Rayonier Inc.	$75,831		($758)		$143,885	$26,830
Denominator:
Denominator for basic earnings (loss) per common share - weighted average shares	141,777,574		136,351,271		139,749,358	132,948,124
Basic earnings (loss) per common share attributable to Rayonier Inc.:	$0.53		($0.01)		$1.03	$0.20
Earnings (Loss) per common share - diluted
Numerator:
Net Income (loss)	$110,512		($9,498)		$188,963	$17,378
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(32,471)		8,715		(40,775)	9,647
Less: Net loss attributable to noncontrolling interests in the Operating Partnership	—	(a)	25	(a)	—	—
Net income (loss) attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$78,041		($758)		$148,188	$27,025
Denominator:
Denominator for basic earnings (loss) per common share - weighted average shares	141,777,574		136,351,271		139,749,358	132,948,124
Add: Dilutive effect of:
Stock options	9,803		—		8,833	492
Performance shares, restricted shares and restricted stock units	520,737		—		361,596	159,018
Noncontrolling interests in Redeemable Operating Partnership Units	4,131,454		—	(a)	4,245,323	2,352,822
Denominator for diluted earnings per common share - adjusted weighted average shares	146,439,568		136,351,271		144,365,110	135,460,456
Diluted earnings (loss) per common share attributable to Rayonier Inc.:	$0.53		($0.01)		$1.03	$0.20

(a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interests in the Operating Partnership was included in the numerator for diluted earnings (loss) 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 Redeemable Operating Partnership Units were excluded from the denominator of diluted loss per share.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Earnings (loss) per unit - basic
Numerator:
Net Income (Loss)	$110,512	($9,498)	$188,963	$17,378
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(32,471)	8,715	(40,775)	9,647
Net income (loss) available to unitholders	$78,041	($783)	$148,188	$27,025
Denominator:
Denominator for basic earnings (loss) per unit - weighted average units	145,909,028	140,797,217	143,994,681	135,300,946
Basic earnings (loss) per unit attributable to Rayonier, L.P.:	$0.53	($0.01)	$1.03	$0.20
Earnings (Loss) per unit - diluted
Numerator:
Net Income (Loss)	$110,512	($9,498)	$188,963	$17,378
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(32,471)	8,715	(40,775)	9,647
Net income (loss) available to unitholders	$78,041	($783)	$148,188	$27,025
Denominator:
Denominator for basic earnings (loss) per unit - weighted average units	145,909,028	140,797,217	143,994,681	135,300,946
Add: Dilutive effect of unit equivalents:
Stock options	9,803	—	8,833	492
Performance shares, restricted shares and restricted stock units	520,737	—	361,596	159,018
Denominator for diluted earnings (loss) per unit - adjusted weighted average units	146,439,568	140,797,217	144,365,110	135,460,456
Diluted earnings (loss) per unit attributable to Rayonier, L.P.:	$0.53	($0.01)	$1.03	$0.20

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per common share:
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units (a)	100,135	5,038,514	167,668	471,999


Total	100,135	5,038,514	167,668	471,999

(a) For the three months ended September 30, 2020, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership 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,
	2021	2020	2021	2020
Anti-dilutive unit equivalents excluded from the computations of diluted earnings (loss) per unit:
Stock options, performance shares, restricted shares and restricted stock units (a)	100,135	592,568	167,668	471,999


Total	100,135	592,568	167,668	471,999

(a) For the three months ended September 30, 2020, 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.