EARNINGS PER SHARE AND PER UNIT

3 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31,
		2023	2022
Earnings per common share - basic
Numerator:
Net Income		$7,437	$30,998
Less: Net income attributable to noncontrolling interests in the operating partnership		(174)	(669)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates		1,037	(1,012)
Net income attributable to Rayonier Inc.		$8,300	$29,317
Denominator:
Denominator for basic earnings per common share - weighted average shares		147,377,448	145,430,171
Basic earnings per common share attributable to Rayonier Inc.:		$0.06	$0.20
Earnings per common share - diluted
Numerator:
Net Income		$7,437	$30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates		1,037	(1,012)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership		$8,474	$29,986
Denominator:
Denominator for basic earnings per common share - weighted average shares		147,377,448	145,430,171
Add: Dilutive effect of:
Stock options		1,886	7,229
Performance shares, restricted shares and restricted stock units		612,412	794,892
Noncontrolling interests in operating partnership units		3,087,383	3,314,784
Denominator for diluted earnings per common share - adjusted weighted average shares		151,079,129	149,547,076
Diluted earnings per common share attributable to Rayonier Inc.:		$0.06	$0.20


	Three Months Ended March 31,
		2023	2022
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units		64,667	254


Total		64,667	254

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


	Three Months Ended March 31,
		2023	2022
Earnings per unit - basic
Numerator:
Net Income		$7,437	$30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates		1,037	(1,012)
Net income available to unitholders		$8,474	$29,986
Denominator:
Denominator for basic earnings per unit - weighted average units		150,464,831	148,744,955
Basic earnings per unit attributable to Rayonier, L.P.:		$0.06	$0.20
Earnings per unit - diluted
Numerator:
Net Income		$7,437	$30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates		1,037	(1,012)
Net income available to unitholders		$8,474	$29,986
Denominator:
Denominator for basic earnings per unit - weighted average units		150,464,831	148,744,955
Add: Dilutive effect of unit equivalents:
Stock options		1,886	7,229
Performance shares, restricted shares and restricted stock units		612,412	794,892
Denominator for diluted earnings per unit - adjusted weighted average units		151,079,129	149,547,076
Diluted earnings per unit attributable to Rayonier, L.P.:		$0.06	$0.20


	Three Months Ended March 31,
		2023	2022
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units		64,667	254


Total		64,667	254