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Earnings Per Common Share (Notes)
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Common Share [Text Block]
2.
EARNINGS PER COMMON SHARE
The following table provides details of the calculations of basic and diluted earnings per common share:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2012
 
2011
 
2012
 
2011
Net income
$
80,560

 
$
104,909

 
$
203,076

 
$
219,774

Shares used for determining basic earnings per common share
122,848,705

 
121,790,059

 
122,552,910

 
121,665,644

Dilutive effect of:
 
 
 
 
 
 
 
Stock options
603,761

 
689,643

 
667,960

 
716,095

Performance and restricted shares
755,884

 
1,179,047

 
735,653

 
1,121,909

Assumed conversion of Senior Exchangeable Notes (a) (b)
3,683,936

 
1,823,600

 
3,148,423

 
1,883,270

Assumed conversion of warrants (a) (b)
2,067,380

 
117,260

 
1,443,606

 
143,182

Shares used for determining diluted earnings per common share
129,959,666

 
125,599,609

 
128,548,552

 
125,530,100

Basic earnings per common share
$
0.66

 
$
0.86

 
$
1.66

 
$
1.81

Diluted earnings per common share
$
0.62

 
$
0.84

 
$
1.58

 
$
1.75


 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2012
 
2011
 
2012
 
2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
 
 
 
 
 
 
 
Stock options, performance and restricted shares
123,217

 
142,135

 
261,759

 
198,594

Assumed exercise of exchangeable note hedges (a)
3,683,936

 
1,823,600

 
3,148,423

 
1,883,270

Total
3,807,153

 
1,965,735

 
3,410,182

 
2,081,864

(a) Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed exercise of the hedges are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.50 for the Notes due 2012 and $39.58 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debt of this Form 10-Q.
(b) The higher number of shares in 2012 was primarily due to an increase in the average stock price from $40.93 for the three months ended September 30, 2011 to $48.13 for the three months ended September 30, 2012 and from $41.14 for the nine months ended September 30, 2011 to $45.65 for the nine months ended September 30, 2012.