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EARNINGS (LOSS) PER SHARE AND PER UNIT
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE AND PER UNIT EARNINGS (LOSS) PER SHARE AND PER UNIT
Basic earnings (loss) per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests (“NCI”) 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, noncontrolling interests in Operating Partnership units and contingently issuable shares and units.
The following table provides details of the calculation of basic earnings (loss) per common share of the Company:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Basic earnings (loss) per common share
Numerator:
Net income (loss) from continuing operations$9,769 ($3,896)$4,176 ($8,406)
Less: Net (income) loss from continuing operations attributable to NCI in the Operating Partnership(129)53 (55)118 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 13 — 23 
Net income (loss) from continuing operations attributable to Rayonier Inc.$9,640 ($3,830)$4,121 ($8,265)
Net income from discontinued operations$403,838 $6,931 $406,346 $13,747 
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership(5,347)(79)(5,375)(164)
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates577 (1,119)192 (2,058)
Net income from discontinued operations attributable to Rayonier Inc.$399,068 $5,733 $401,163 $11,525 
Net income$413,607 $3,035 $410,522 $5,341 
Less: Net income attributable to NCI in the Operating Partnership(5,476)(26)(5,430)(46)
Less: Net loss (income) attributable to NCI in consolidated affiliates577 (1,106)192 (2,035)
Net income attributable to Rayonier Inc.$408,708 $1,903 $405,284 $3,260 
Denominator:
Denominator for basic earnings (loss) per common share - weighted average shares155,536,320 148,910,214 154,612,221 148,738,795 
Basic earnings (loss) per common share attributable to Rayonier Inc.:
Continuing operations$0.06 ($0.03)$0.03 ($0.06)
Discontinued operations$2.57 $0.04 $2.59 $0.08 
Basic earnings per common share$2.63 $0.01 $2.62 $0.02 
The following table provides details of the calculation of diluted earnings (loss) per common share of the Company:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Diluted earnings (loss) per common share
Numerator:
Net income (loss) from continuing operations$9,769 ($3,896)$4,176 ($8,406)
Less: Net loss from continuing operations attributable to NCI in the Operating Partnership (a)— 53 — 118 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 13 — 23 
Net income (loss) from continuing operations attributable to Rayonier Inc. used for determining diluted earnings (loss) per common share$9,769 ($3,830)$4,176 ($8,265)
Net income from discontinued operations$403,838 $6,931 $406,346 $13,747 
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership (a)— (79)— (164)
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates577 (1,119)192 (2,058)
Net income from discontinued operations attributable to Rayonier Inc. used for determining diluted earnings per common share$404,415 $5,733 $406,538 $11,525 
Net income$413,607 $3,035 $410,522 $5,341 
Less: Net income attributable to NCI in the Operating Partnership (a)— (26)— (46)
Less: Net loss (income) attributable to NCI in consolidated affiliates577 (1,106)192 (2,035)
Net income attributable to Rayonier Inc. used for determining diluted earnings per common share$414,184 $1,903 $410,714 $3,260 
Denominator:
Denominator for basic earnings (loss) per common share - weighted average shares155,536,320 148,910,214 154,612,221 148,738,795 
Add: Dilutive effect of:
Performance shares, restricted shares and restricted stock units107,773 — 191,547 — 
Noncontrolling interests in Operating Partnership units2,083,823 — 2,068,864 — 
Contingently issuable shares and units from special dividend— — 1,269,964 — 
Denominator for diluted earnings (loss) per common share - adjusted weighted average shares (b)157,727,916 148,910,214 158,142,596 148,738,795 
Diluted earnings (loss) per common share attributable to Rayonier Inc.:
Continuing operations$0.06 ($0.03)$0.03 ($0.06)
Discontinued operations$2.56 $0.04 $2.57 $0.08 
Diluted earnings per common share$2.63 $0.01 $2.60 $0.02 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per common share:
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Operating Partnership units (b)319,021 2,563,230 227,897 2,732,739 
(a)For the three and six months ended June 30, 2024, net income (loss) attributable to NCI in the Operating Partnership was included in the numerator for diluted earnings (loss) attributable to Rayonier Inc. due to a loss from continuing operations.
(b)For the three and six months ended June 30, 2024, the effect of stock options, performance shares, restricted shares, restricted stock units, and incremental shares related to NCI in Operating Partnership units that are normally dilutive for purposes of calculating diluted earnings (loss) per common share were considered anti-dilutive and excluded from the denominator due to a loss from continuing operations.
Basic earnings (loss) per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding. 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, restricted stock units and contingently issuable shares and units.
The following table provides details of the calculation of basic earnings (loss) per unit of the Operating Partnership:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Basic earnings (loss) per unit
Numerator:
Net income (loss) from continuing operations$9,769 ($3,896)$4,176 ($8,406)
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 13 — 23 
Net income (loss) from continuing operations available to unitholders$9,769 ($3,883)$4,176 ($8,383)
Net income from discontinued operations$403,838 $6,931 $406,346 $13,747 
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates577 (1,119)192 (2,058)
Net income from discontinued operations available to unitholders$404,415 $5,812 $406,538 $11,689 
Net income$413,607 $3,035 $410,522 $5,341 
Less: Net loss (income) attributable to NCI in consolidated affiliates577 (1,106)192 (2,035)
Net income available to unitholders$414,184 $1,929 $410,714 $3,306 
Denominator:
Denominator for basic earnings (loss) per unit - weighted average units157,620,143 150,969,634 156,681,085 150,857,624 
Basic earnings (loss) per unit attributable to Rayonier, L.P.:
Continuing operations$0.06 ($0.03)$0.03 ($0.06)
Discontinued operations$2.57 $0.04 $2.59 $0.08 
Basic earnings per unit$2.63 $0.01 $2.62 $0.02 
The following table provides details of the calculation of diluted earnings (loss) per unit of the Operating Partnership:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Diluted earnings (loss) per unit
Numerator:
Net income (loss) from continuing operations$9,769 ($3,896)$4,176 ($8,406)
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 13 — 23 
Net income (loss) from continuing operations available to unitholders$9,769 ($3,883)$4,176 ($8,383)
Net income from discontinued operations$403,838 $6,931 $406,346 $13,747 
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates577 (1,119)192 (2,058)
Net income from discontinued operations available to unitholders$404,415 $5,812 $406,538 $11,689 
Net income$413,607 $3,035 $410,522 $5,341 
Less: Net loss (income) attributable to NCI in consolidated affiliates577 (1,106)192 (2,035)
Net income available to unitholders$414,184 $1,929 $410,714 $3,306 
Denominator:
Denominator for basic earnings (loss) per unit - weighted average units157,620,143 150,969,634 156,681,085 150,857,624 
Add: Dilutive effect of unit equivalents:
Performance shares, restricted shares and restricted stock units107,773 — 191,547 — 
Contingently issuable shares and units from special dividend— — 1,269,964 — 
Denominator for diluted earnings (loss) per unit - adjusted weighted average units (a)157,727,916 150,969,634 158,142,596 150,857,624 
Diluted earnings (loss) per unit attributable to Rayonier, L.P.:
Continuing operations$0.06 ($0.03)$0.03 ($0.06)
Discontinued operations$2.56 $0.04 $2.57 $0.08 
Diluted earnings per unit$2.63 $0.01 $2.60 $0.02 

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Anti-dilutive unit equivalents excluded from the computations of diluted earnings (loss) per unit:
Stock options, performance shares, restricted shares and restricted stock units (a)319,021 503,810 227,897 613,910 
(a)For the three and six months ended June 30, 2024, the effect of stock options, performance shares, restricted shares, and restricted stock units that are normally dilutive for purposes of calculating diluted earnings (loss) per unit were considered anti-dilutive and excluded from the denominator due to a loss from continuing operations.