EARNINGS PER SHARE AND PER UNIT

12 Months Ended

Dec. 31, 2023

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 during the year. 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 for the three years ended December 31:

	2023	2022	2021
Earnings per common share - basic
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income attributable to Rayonier Inc.	$173,493	$107,077	$152,550
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,046,673	146,209,847	140,812,882
Basic earnings per common share attributable to Rayonier Inc.:	$1.17	$0.73	$1.08
Earnings per common share - diluted
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,046,673	146,209,847	140,812,882
Add: Dilutive effect of:
Stock options	472	5,132	8,727
Performance shares, restricted shares and restricted stock units	401,351	669,501	416,527
Noncontrolling interests in operating partnership units	2,618,699	3,268,473	4,062,725
Denominator for diluted earnings per common share - adjusted weighted average shares	151,067,195	150,152,953	145,300,861
Diluted earnings per common share attributable to Rayonier Inc.:	$1.17	$0.73	$1.08

	2023	2022	2021
Anti-dilutive shares excluded from computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	164,865	103,514	149,705

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 during the year. 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 for the three years ended December 31:

	2023	2022	2021
Earnings per unit - basic
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income available to unitholders	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per unit - weighted average units	150,665,372	149,478,320	144,875,607
Basic earnings per unit attributable to Rayonier, L.P.:	$1.17	$0.73	$1.08
Earnings per unit - diluted
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income available to unitholders	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per unit - weighted average units	150,665,372	149,478,320	144,875,607
Add: Dilutive effect of unit equivalents:
Stock options	472	5,132	8,727
Performance shares, restricted shares and restricted stock units	401,351	669,501	416,527
Denominator for diluted earnings per unit - adjusted weighted average units	151,067,195	150,152,953	145,300,861
Diluted earnings per unit attributable to Rayonier, L.P.	$1.17	$0.73	$1.08

	2023	2022	2021
Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	164,865	103,514	149,705