Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:



	2012		2011		2010
Net income	$	278,685	$	276,005	$	217,586
Shares used for determining basic earnings per common share	122,711,802		121,662,985		120,240,275
Dilutive effect of:
Stock options	634,218		702,693		593,768
Performance and restricted shares	757,308		982,951		1,034,319
Assumed conversion of Senior Exchangeable Notes (a)	2,888,650		1,895,762		—
Assumed conversion of warrants (a)	1,710,445		149,900		—
Shares used for determining diluted earnings per common share	128,702,423		125,394,291		121,868,362
Basic earnings per common share	$	2.27	$	2.27	$	1.81
Diluted earnings per common share	$	2.17	$	2.20	$	1.79

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]



	2012	2011	2010
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	224,918	161,786	308,421
Assumed conversion of exchangeable note hedges (a)	2,888,650	1,895,762	—
Total	3,113,568	2,057,548	308,421

(a)

The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to the offsetting exchangeable note hedges (the “hedges”). Similarly, Rayonier will not issue additional shares upon maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to the offsetting hedges. 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 conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the Senior Exchangeable Notes was included through the retirement date for the 2012 Notes and the full year for the 2015 Notes. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.41 for the Notes due 2012 and $39.50 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.