Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Basic and Diluted Income Per Unit

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

	Quarter Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2013			2012			2013			2012
Net income (loss) attributable to Pope Resources' unitholders	$	6,128		$	(9,295	)	$	9,612		$	(8,089	)
Less:
Net income attributable to unvested restricted unitholders		(263	)		(27	)		(410	)		(47	)
Dividends paid to Fund II preferred shareholders		(4	)		(4	)		(8	)		(8	)
Net income (loss) for calculation of EPS	$	5,861		$	(9,326	)	$	9,194		$	(8,144	)
Weighted average units outstanding (in thousands):
Basic		4,369			4,351			4,367			4,348
Dilutive effect of unit equivalents		-			-			-			-
Diluted		4,369			4,351			4,367			4,348
Earnings (loss) per unit: Basic	$	1.34		$	(2.14	)	$	2.11		$	(1.87	)
Earnings (loss) per unit: Diluted	$	1.34		$	(2.14	)	$	2.11		$	(1.87	)