Basic (loss) earnings per common share (“EPS”) is calculated by dividing net income (loss) 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 performance shares, restricted stock units, noncontrolling interests in Operating Partnership units and contingently issuable shares and units.


	Three Months Ended March 31,
		2026	2025
Basic (loss) earnings per common share
Numerator:
Net loss from continuing operations		($12,514)	($5,592)
Less: Net loss from continuing operations attributable to NCI in the Operating Partnership		82	74

Net loss from continuing operations attributable to Rayonier Inc.		($12,432)	($5,518)

Net income from discontinued operations		—	$2,507
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership		—	(28)
Less: Net income from discontinued operations attributable to NCI in consolidated affiliates		—	(385)
Net income from discontinued operations attributable to Rayonier Inc.		—	$2,094

Net loss		($12,514)	($3,085)
Less: Net loss attributable to NCI in the Operating Partnership		82	46
Less: Net income attributable to NCI in consolidated affiliates		—	(385)
Net loss attributable to Rayonier Inc.		($12,432)	($3,424)

Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares		255,954,391	153,677,854

Basic (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.05)	($0.04)
Discontinued operations		—	$0.01
Basic loss per common share		($0.05)	($0.02)


	Three Months Ended March 31,
		2026	2025
Diluted (loss) earnings per common share
Numerator:
Net loss from continuing operations		($12,514)	($5,592)
Less: Net loss from continuing operations attributable to NCI in the Operating Partnership (a)		82	74

Net loss from continuing operations attributable to Rayonier Inc. used for determining diluted loss per common share		($12,432)	($5,518)

Net income from discontinued operations		—	$2,507
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership (a)		—	(28)
Less: Net income from discontinued operations attributable to NCI in consolidated affiliates		—	(385)
Net income from discontinued operations attributable to Rayonier Inc. used for determining diluted earnings per common share		—	$2,094

Net loss		($12,514)	($3,085)
Less: Net loss attributable to NCI in the Operating Partnership (a)		82	46
Less: Net income attributable to NCI in consolidated affiliates		—	(385)
Net loss attributable to Rayonier Inc. used for determining diluted loss per common share		($12,432)	($3,424)

Denominator:
Denominator for diluted (loss) earnings per common share - weighted average shares (b)		255,954,391	153,677,854







Diluted (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.05)	($0.04)
Discontinued operations		—	$0.01
Diluted loss per common share		($0.05)	($0.02)


	Three Months Ended March 31,
		2026	2025
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share:
Performance shares, restricted stock units, noncontrolling interests in Operating Partnership units, and contingently issuable shares and units from special dividend (b)		2,638,830	5,019,873

(b)For the quarters ended March 31, 2026 and 2025, the effect of anti-dilutive securities related to performance shares, restricted stock units and contingently issuable shares and units from the special dividend were not included in the denominator of calculating diluted (loss) earnings per share due to a loss from continuing operations. Also, as a result of the net loss from continuing operations attributable to Rayonier Inc. during the three months ended March 31, 2026 and 2025, the incremental shares related to noncontrolling interests in Operating Partnership units were excluded from the denominator of diluted (loss) earnings per share.

Basic (loss) earnings per unit (“EPU”) is calculated by dividing net income (loss) 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 performance shares, restricted stock units and contingently issuable shares and units.


	Three Months Ended March 31,
		2026	2025
Basic (loss) earnings per unit
Numerator:


Net loss from continuing operations available to unitholders		($12,514)	($5,592)

Net income from discontinued operations		—	$2,507
Less: Net income from discontinued operations attributable to NCI in consolidated affiliates		—	(385)
Net income from discontinued operations available to unitholders		—	$2,122

Net loss		($12,514)	($3,085)
Less: Net income attributable to NCI in consolidated affiliates		—	(385)
Net loss available to unitholders		($12,514)	($3,470)

Denominator:
Denominator for basic (loss) earnings per unit - weighted average units		257,636,937	155,731,594

Basic (loss) earnings per unit attributable to Rayonier, L.P.:
Continuing operations		($0.05)	($0.04)
Discontinued operations		—	$0.01
Basic loss per unit		($0.05)	($0.02)


	Three Months Ended March 31,
		2026	2025
Diluted (loss) earnings per unit
Numerator:


Net loss from continuing operations available to unitholders		($12,514)	($5,592)

Net income from discontinued operations		—	$2,507
Less: Net income from discontinued operations attributable to NCI in consolidated affiliates		—	(385)
Net income from discontinued operations available to unitholders		—	$2,122

Net loss		($12,514)	($3,085)
Less: Net income attributable to NCI in consolidated affiliates		—	(385)
Net loss available to unitholders		($12,514)	($3,470)

Denominator:
Denominator for diluted (loss) earnings per unit - weighted average units (a)		257,636,937	155,731,594






Diluted (loss) earnings per unit attributable to Rayonier, L.P.:
Continuing operations		($0.05)	($0.04)
Discontinued operations		—	$0.01
Diluted loss per unit		($0.05)	($0.02)

(a)For the quarters ended March 31, 2026 and 2025, the effect of anti-dilutive securities related to performance shares, restricted stock units and contingently issuable shares and units from the special dividend were not included in the denominator of calculating diluted (loss) earnings per unit due to a loss from continuing operations.