2012 Full Year Financial SummaryNet income for the full year 2012 was $42.6 million, or $1.05 per diluted common share, compared to $40.3 million, or $1.00 per diluted common share for the full year 2011.
- Operating income for the Resource segment was $49.5 million in 2012 compared to $59.8 million in 2011. Harvest volumes totaled 3.6 million tons in 2012, down from 4.1 million tons harvested in 2011.
- The Wood Products segment had operating income of $45.5 million in 2012 compared to $7.3 million in 2011. Average lumber prices and total shipment volumes increased 15 percent and 8 percent, respectively, in 2012 over 2011.
- Operating income for the Real Estate segment totaled $28.1 million in 2012 compared to $31.4 million in 2011. In 2012, a total of 22,944 acres were sold compared to 36,458 in 2011.
- Corporate expenses, excluding net cash interest expense, totaled $39.0 million in 2012 compared to $31.4 million in 2011. The variance is primarily due to higher pension expense related to the company's legacy plans, increased compensation expenses and mark to market adjustments related to deferred compensation plans. Net cash interest expense totaled $23.6 million in 2012 compared to $25.0 million in 2011.