Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Basic and Diluted Income (Loss) Per Unit

The following table shows how we arrived at basic and diluted income per unit:

	Quarters Ended
	March 31,
(in thousands)	2013			2012
Net income attributable to Pope Resources' unitholders	$	3,484		$	1,206
Less:
Net income attributable to unvested restricted unitholders		(150	)		(21	)
Dividends paid to Fund II preferred shareholders		(4	)		(4	)
Net income for calculation of EPS	$	3,330		$	1,181
Weighted average units outstanding (in thousands):
Basic		4,366			4,345
Dilutive effect of unit equivalents		-			2
Diluted		4,366			4,347
Earnings per unit: Basic	$	0.76		$	0.27
Earnings per unit: Diluted	$	0.76		$	0.27