v3.26.1
EARNINGS PER SHARE AND PER UNIT
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND PER UNIT EARNINGS PER SHARE AND PER UNIT
Basic earnings per common share (“EPS”) is calculated by dividing net income 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.
The following table provides details of the calculation of basic earnings per common share of the Company:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Basic earnings per common share
Numerator:
Net income from continuing operations$19,243 $9,769 $6,729 $4,176 
Less: Net income from continuing operations attributable to NCI in the Operating Partnership(106)(129)(24)(55)
Net income from continuing operations attributable to Rayonier Inc.$19,137 $9,640 $6,705 $4,121 
Net income from discontinued operations— $403,838 — $406,346 
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership— (5,347)— (5,375)
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— 577 — 192 
Net income from discontinued operations attributable to Rayonier Inc.— $399,068 — $401,163 
Net income$19,243 $413,607 $6,729 $410,522 
Less: Net income attributable to NCI in the Operating Partnership(106)(5,476)(24)(5,430)
Less: Net loss attributable to NCI in consolidated affiliates— 577 — 192 
Net income attributable to Rayonier Inc.$19,137 $408,708 $6,705 $405,284 
Denominator:
Denominator for basic earnings per common share - weighted average shares300,735,729 155,536,320 278,468,765 154,612,221 
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.06 $0.06 $0.02 $0.03 
Discontinued operations— $2.57 — $2.59 
Basic earnings per common share$0.06 $2.63 $0.02 $2.62 
The following table provides details of the calculation of diluted earnings per common share of the Company:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Diluted earnings per common share
Numerator:
Net income from continuing operations attributable to Rayonier Inc., before net income attributable to NCI in the Operating Partnership$19,243 $9,769 $6,729 $4,176 
Net income from discontinued operations— $403,838 — $406,346 
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— 577 — 192 
Net income from discontinued operations attributable to Rayonier Inc., before net income attributable to NCI in the Operating Partnership— $404,415 — $406,538 
Net income$19,243 $413,607 $6,729 $410,522 
Less: Net loss attributable to NCI in consolidated affiliates— 577 — 192 
Net income attributable to Rayonier Inc., before net income attributable to NCI in the Operating Partnership$19,243 $414,184 $6,729 $410,714 
Denominator:
Denominator for basic earnings per common share - weighted average shares300,735,729 155,536,320 278,468,765 154,612,221 
Add: Dilutive effect of:
Performance shares and restricted stock units523,824 107,773 505,692 191,547 
Noncontrolling interests in Operating Partnership units1,665,351 2,083,823 1,673,901 2,068,864 
Contingently issuable shares and units from special dividend— — — 1,269,964 
Denominator for diluted earnings per common share - adjusted weighted average shares302,924,904 157,727,916 280,648,358 158,142,596 
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.06 $0.06 $0.02 $0.03 
Discontinued operations— $2.56 — $2.57 
Diluted earnings per common share$0.06 $2.63 $0.02 $2.60 


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Performance shares and restricted stock units350,256 319,021 409,490 227,897 
Total350,256 319,021 409,490 227,897 
Basic earnings per unit (“EPU”) is calculated by dividing net income 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.
The following table provides details of the calculation of basic earnings per unit of the Operating Partnership:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Basic earnings per unit
Numerator:
Net income from continuing operations available to unitholders$19,243 $9,769 $6,729 $4,176 
Net income from discontinued operations— $403,838 — $406,346 
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— 577 — 192 
Net income from discontinued operations available to unitholders— $404,415 — $406,538 
Net income$19,243 $413,607 $6,729 $410,522 
Less: Net loss attributable to NCI in consolidated affiliates— 577 — 192 
Net income available to unitholders$19,243 $414,184 $6,729 $410,714 
Denominator:
Denominator for basic earnings per unit - weighted average units302,401,080 157,620,143 280,142,666 156,681,085 
Basic earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.06 $0.06 $0.02 $0.03 
Discontinued operations— $2.57 — $2.59 
Basic earnings per unit$0.06 $2.63 $0.02 $2.62 
The following table provides details of the calculation of diluted earnings per unit of the Operating Partnership:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Diluted earnings per unit
Numerator:
Net income from continuing operations available to unitholders$19,243 $9,769 $6,729 $4,176 
Net income from discontinued operations— $403,838 — $406,346 
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— 577 — 192 
Net income from discontinued operations available to unitholders— $404,415 — $406,538 
Net income$19,243 $413,607 $6,729 $410,522 
Less: Net income attributable to NCI in consolidated affiliates— 577 — 192 
Net income available to unitholders$19,243 $414,184 $6,729 $410,714 
Denominator:
Denominator for basic earnings per unit - weighted average units302,401,080 157,620,143 280,142,666 156,681,085 
Add: Dilutive effect of unit equivalents:
Performance shares and restricted stock units523,824 107,773 505,692 191,547 
Contingently issuable shares and units from special dividend— — — 1,269,964 
Denominator for diluted earnings per unit - adjusted weighted average units302,924,904 157,727,916 280,648,358 158,142,596 
Diluted earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.06 $0.06 $0.02 $0.03 
Discontinued operations— $2.56 — $2.57 
Diluted earnings per unit$0.06 $2.63 $0.02 $2.60 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Performance shares and restricted stock units350,256 319,021 409,490 227,897 
Total350,256 319,021 409,490 227,897