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EARNINGS PER SHARE AND PER UNIT
 9 Months Ended
Sep. 30, 2025
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. 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 per common share of the Company:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Basic earnings per common share
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net income from continuing operations attributable to NCI in the Operating Partnership(522)(298)(577)(181)
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations attributable to Rayonier Inc.$43,187 $21,952 $47,308 $13,687 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership— (93)(5,375)(256)
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations attributable to Rayonier Inc.— $6,806 $401,163 $18,331 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net income attributable to NCI in the Operating Partnership(522)(391)(5,952)(437)
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income attributable to Rayonier Inc.$43,187 $28,758 $448,471 $32,018 
Denominator:
Denominator for basic earnings per common share - weighted average shares154,306,240 148,984,534 154,509,107 148,821,306 
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.28 $0.15 $0.31 $0.09 
Discontinued operations— $0.05 $2.60 $0.12 
Basic earnings per common share$0.28 $0.19 $2.90 $0.22 
The following table provides details of the calculation of diluted earnings per common share of the Company:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Diluted earnings per common share
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations attributable to Rayonier Inc. used for determining diluted earnings per common share$43,709 $22,250 $47,885 $13,868 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations attributable to Rayonier Inc. used for determining diluted earnings per common share— $6,899 $406,538 $18,587 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income attributable to Rayonier Inc. used for determining diluted earnings per common share$43,709 $29,149 $454,423 $32,455 
Denominator:
Denominator for basic earnings per common share - weighted average shares154,306,240 148,984,534 154,509,107 148,821,306 
Add: Dilutive effect of:
Stock options— — — 55 
Performance shares, restricted shares and restricted stock units194,077 281,407 192,390 403,444 
Noncontrolling interests in Operating Partnership units1,864,367 2,027,053 1,999,949 2,088,013 
Contingently issuable shares and units from special dividend— — 841,991 — 
Denominator for diluted earnings per common share - adjusted weighted average share156,364,684 151,292,994 157,543,437 151,312,818 
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.28 $0.15 $0.30 $0.09 
Discontinued operations— $0.05 $2.58 $0.12 
Diluted earnings per common share$0.28 $0.19 $2.88 $0.21 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units324,716 149,609 260,170 149,446 
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. 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 per unit of the Operating Partnership:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Basic earnings per unit
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations available to unitholders$43,709 $22,250 $47,885 $13,868 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations available to unitholders— $6,899 $406,538 $18,587 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income available to unitholders$43,709 $29,149 $454,423 $32,455 
Denominator:
Denominator for basic earnings per unit - weighted average units156,170,607 151,011,587 156,509,056 150,909,319 
Basic earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.28 $0.15 $0.31 $0.09 
Discontinued operations— $0.05 $2.60 $0.12 
Basic earnings per unit$0.28 $0.19 $2.90 $0.22 
The following table provides details of the calculation of diluted earnings per unit of the Operating Partnership:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Diluted earnings per unit
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations available to unitholders$43,709 $22,250 $47,885 $13,868 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations available to unitholders— $6,899 $406,538 $18,587 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income available to unitholders$43,709 $29,149 $454,423 $32,455 
Denominator:
Denominator for basic earnings per unit - weighted average units156,170,607 151,011,587 156,509,056 150,909,319 
Add: Dilutive effect of unit equivalents:
Stock options— — — 55 
Performance shares, restricted shares and restricted stock units194,077 281,407 192,390 403,444 
Contingently issuable shares and units from special dividend— — 841,991 — 
Denominator for diluted earnings per unit - adjusted weighted average units156,364,684 151,292,994 157,543,437 151,312,818 
Diluted earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.28 $0.15 $0.30 $0.09 
Discontinued operations— $0.05 $2.58 $0.12 
Diluted earnings per unit$0.28 $0.19 $2.88 $0.21 

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units324,716 149,609 260,170 149,446