Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Basic and Diluted Income Per Unit

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	)