EARNINGS PER SHARE AND PER UNIT

6 Months Ended

Jun. 30, 2023

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings per common share - basic
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net income attributable to noncontrolling interests in the operating partnership	(318)	(546)	(492)	(1,214)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income attributable to Rayonier Inc.	$19,023	$24,104	$27,323	$53,422
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,218,436	146,257,311	147,800,265	145,846,026
Basic earnings per common share attributable to Rayonier Inc.:	$0.13	$0.16	$0.18	$0.37
Earnings per common share - diluted
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,218,436	146,257,311	147,800,265	145,846,026
Add: Dilutive effect of:
Stock options	—	8,100	943	7,664
Performance shares, restricted shares and restricted stock units	269,994	666,653	441,204	730,773
Noncontrolling interests in operating partnership units	2,476,761	3,312,315	2,785,928	3,313,543
Denominator for diluted earnings per common share - adjusted weighted average shares	150,965,191	150,244,379	151,028,340	149,898,006
Diluted earnings per common share attributable to Rayonier Inc.:	$0.13	$0.16	$0.18	$0.36


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	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	241,316	109,515	152,992	54,884


Total	241,316	109,515	152,992	54,884

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings per unit - basic
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income available to unitholders	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per unit - weighted average units	150,695,197	149,569,626	150,586,193	149,159,569
Basic earnings per unit attributable to Rayonier, L.P.:	$0.13	$0.16	$0.18	$0.37
Earnings per unit - diluted
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income available to unitholders	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per unit - weighted average units	150,695,197	149,569,626	150,586,193	149,159,569
Add: Dilutive effect of unit equivalents:
Stock options	—	8,100	943	7,664
Performance shares, restricted shares and restricted stock units	269,994	666,653	441,204	730,773
Denominator for diluted earnings per unit - adjusted weighted average units	150,965,191	150,244,379	151,028,340	149,898,006
Diluted earnings per unit attributable to Rayonier, L.P.:	$0.13	$0.16	$0.18	$0.36


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	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	241,316	109,515	152,992	54,884


Total	241,316	109,515	152,992	54,884