XML 58 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
EARNINGS PER COMMON SHARE Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Income amounts attributable to Rayonier Inc.        
Income from continuing operations $ 58,367 $ 79,278 $ 249,516 $ 197,968
Less: Income from continuing operations attributable to noncontrolling interest 1,022 0 1,749 0
Income from continuing operations attributable to Rayonier Inc. 57,345 79,278 247,767 197,968
Income from discontinued operations attributable to Rayonier Inc. 0 1,282 44,477 5,108
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $ 57,345 $ 80,560 $ 292,244 $ 203,076
Shares used for determining basic earnings per common share 126,122,151 122,848,705 125,549,133 122,552,910
Dilutive effect of:        
Stock options 468,286 603,761 501,324 667,960
Performance and restricted shares 546,247 755,884 518,138 735,653
Assumed conversion of Senior Exchangeable Notes 2,168,254 [1] 3,683,936 [1] 2,176,414 [1] 3,148,423 [1]
Assumed conversion of warrants 1,608,466 [1],[2] 2,067,380 [1],[2] 2,043,965 [1],[2] 1,443,606 [1],[2]
Shares used for determining diluted earnings per common share 130,913,404 129,959,666 130,788,974 128,548,552
Basic earnings per common share attributable to Rayonier Inc.:        
Continuing operations, Basic (in dollars per share) $ 0.45 $ 0.65 $ 1.97 $ 1.62
Discontinued operations, Basic (in dollars per share) $ 0.00 $ 0.01 $ 0.36 $ 0.04
Net Income, Basic (in dollars per share) $ 0.45 $ 0.66 $ 2.33 $ 1.66
Diluted earnings per common share attributable to Rayonier Inc.:        
Continuing operations, Diluted (in dollars per share) $ 0.44 $ 0.61 $ 1.89 $ 1.54
Discontinued operations, Diluted (in dollars per share) $ 0.00 $ 0.01 $ 0.34 $ 0.04
Net Income, Diluted (in dollars per share) $ 0.44 $ 0.62 $ 2.23 $ 1.58
[1] The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $31.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of 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 included for the three and nine months ended September 30, 2012. The full dilutive effect of the 2015 Notes was included for the three and nine months ended September 30, 2012, while only a proportional amount based on the length of time the $31.5 million balance was outstanding before the exchange was included for the three and nine months ended September 30, 2013.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 associated with the 2015 Notes if the stock price exceeds $39.24 per share. For further information, see Note 11 — Debt in the 2012 Annual Report on Form 10-K and Note 16 — Debt of this Form 10-Q
[2] The higher shares used for the assumed conversion of the warrants associated with the 2012 Notes in the first nine months of 2013 were primarily due to an increase in the average stock price from $45.65 in the nine months ended September 30, 2012 to $56.42, partially offset by a decrease in dilutive shares due to the maturity of the warrants. The shares used for the assumed conversion of the warrants decreased in the third quarter of 2013 as there was no dilutive impact from the warrants on the 2012 Notes.