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Earnings Per Common Share (Notes)
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Common Share [Text Block]
3.
EARNINGS PER COMMON SHARE
The following table provides details of the calculations of basic and diluted earnings per common share:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Income from continuing operations
$
87,891

 
$
66,091

 
$
191,149

 
$
118,690

Income from continuing operations attributable to noncontrolling interest
727

 
—

 
727

 
—

Income from continuing operations attributable to Rayonier Inc.
$
87,164

 
$
66,091

 
$
190,422

 
$
118,690

 
 
 
 
 
 
 
 
Income from discontinued operations attributable to Rayonier Inc.
$
—

 
$
2,988

 
$
44,477

 
$
3,825

 
 
 
 
 
 
 
 
Net income attributable to Rayonier Inc.
$
87,164

 
$
69,079

 
$
234,899

 
$
122,515

 
 
 
 
 
 
 
 
Shares used for determining basic earnings per common share
126,027,297

 
122,455,464

 
125,257,876

 
122,403,388

Dilutive effect of:
 
 
 
 
 
 
 
Stock options
504,321

 
669,298

 
519,014

 
692,622

Performance and restricted shares
386,228

 
726,368

 
384,910

 
727,968

Assumed conversion of Senior Exchangeable Notes (a)
2,217,058

 
2,669,808

 
2,173,658

 
2,830,382

Assumed conversion of warrants (a) (b)
1,632,345

 
890,189

 
2,250,361

 
1,077,217

Shares used for determining diluted earnings per common share
130,767,249

 
127,411,127

 
130,585,819

 
127,731,577

Basic earnings per common share attributable to Rayonier Inc.:
 
 
 
 
 
 
 
Continuing operations
$
0.69

 
$
0.54

 
$
1.52

 
$
0.97

Discontinued operations
—

 
0.02

 
0.36

 
0.03

Net income
$
0.69

 
$
0.56

 
$
1.88

 
$
1.00

Diluted earnings per common share attributable to Rayonier Inc.:
 
 
 
 
 
 
 
Continuing operations
$
0.67

 
$
0.52

 
$
1.46

 
$
0.93

Discontinued operations
—

 
0.02

 
0.34

 
0.03

Net income
$
0.67

 
$
0.54

 
$
1.80

 
$
0.96


 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Anti-dilutive shares excluded from the computations of diluted earnings per share:
 
 
 
 
 
 
 
Stock options, performance and restricted shares
199,245

 
318,666

 
207,097

 
326,777

Assumed conversion of exchangeable note hedges (a)
2,217,058

 
2,669,808

 
2,173,658

 
2,830,382

Total
2,416,303

 
2,988,474

 
2,380,755

 
3,157,159

(a) The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to 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 2012 Notes was only included for the three and six months ended June 30, 2012, while the effect of the 2015 Notes was included for all periods presented.
The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter and 97,918 shares were issued in the first week of April. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants for the 2015 Notes if the stock price exceeds $39.35 per share. For information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2012 Annual Report on Form 10-K and Note 16 — Debt of this Form 10-Q.
(b) The higher shares used for the assumed conversion of the warrants were primarily due to an increase in the average stock price from $43.74 for the three months ended June 30, 2012 to $57.15 for the three months ended June 30, 2013 and from $44.40 for the six months ended June 30, 2012 to $56.34 for the six months ended June 30, 2013. The impact of the higher stock price was partially offset by a decrease in dilutive shares due to the maturity of the warrants on the Notes due 2012.