Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share

6. Basic and diluted earnings per unit are calculated by dividing net income attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and Fund II preferred shareholders, by the weighted average units outstanding during the period.

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

	Quarter Ended						Nine Months Ended
	September 30,						September 30,
(in thousands, except per unit amounts)	2013			2012			2013			2012
Net income (loss) attributable to Pope Resources' unitholders	$	(75	)	$	3,675		$	9,537		$	(4,414	)
Less:
Net income attributable to unvested restricted unitholders		(39	)		(144	)		(402	)		(71	)
Fund II preferred share dividends		(4	)		(4	)		(12	)		(12	)
Net income (loss) for calculation of EPS	$	(118	)	$	3,527		$	9,123		$	(4,497	)
Weighted average units outstanding:
Basic		4,371			4,354			4,369			4,350
Dilutive effect of unit equivalents		-			-			-			-
Diluted		4,371			4,354			4,369			4,350
Earnings (loss) per unit: Basic	$	(0.03	)	$	0.81		$	2.09		$	(1.03	)
Earnings (loss) per unit: Diluted	$	(0.03	)	$	0.81		$	2.09		$	(1.03	)

As of September 30, 2013 and 2012 there were no options outstanding.