EARNINGS PER SHARE AND PER UNIT

3 Months Ended

Mar. 31, 2024

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. 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:

	Three Months Ended March 31,
	2024	2023
Earnings per common share - basic
Numerator:
Net Income	$2,306	$7,437
Less: Net income attributable to noncontrolling interests in the operating partnership	(20)	(174)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
Net income attributable to Rayonier Inc.	$1,357	$8,300
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,567,375	147,377,448
Basic earnings per common share attributable to Rayonier Inc.:	$0.01	$0.06
Earnings per common share - diluted
Numerator:
Net Income	$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$1,377	$8,474
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,567,375	147,377,448
Add: Dilutive effect of:
Stock options	165	1,886
Performance shares, restricted shares and restricted stock units	630,270	612,412
Noncontrolling interests in operating partnership units	2,178,239	3,087,383
Denominator for diluted earnings per common share - adjusted weighted average shares	151,376,049	151,079,129
Diluted earnings per common share attributable to Rayonier Inc.:	$0.01	$0.06

	Three Months Ended March 31,
	2024	2023
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	93,575	64,667

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. 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:

	Three Months Ended March 31,
	2024	2023
Earnings per unit - basic
Numerator:
Net Income	$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
Net income available to unitholders	$1,377	$8,474
Denominator:
Denominator for basic earnings per unit - weighted average units	150,745,614	150,464,831
Basic earnings per unit attributable to Rayonier, L.P.:	$0.01	$0.06
Earnings per unit - diluted
Numerator:
Net Income	$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
Net income available to unitholders	$1,377	$8,474
Denominator:
Denominator for basic earnings per unit - weighted average units	150,745,614	150,464,831
Add: Dilutive effect of unit equivalents:
Stock options	165	1,886
Performance shares, restricted shares and restricted stock units	630,270	612,412
Denominator for diluted earnings per unit - adjusted weighted average units	151,376,049	151,079,129
Diluted earnings per unit attributable to Rayonier, L.P.:	$0.01	$0.06

	Three Months Ended March 31,
	2024	2023
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	93,575	64,667