PotlatchDeltic (PCH) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PCH
Entity Registrant Name	POTLATCH CORP
Entity Central Index Key	1,338,749
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		40,609,080

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 149,681	$ 127,896
Costs and expenses:
Cost of goods sold	112,783	109,815
Selling, general and administrative expenses	12,989	13,009
Total costs and expenses	125,772	122,824
Operating income	23,909	5,072
Interest expense, net	(4,970)	(6,025)
Income (loss) before income taxes	18,939	(953)
Income tax (provision) benefit	(2,018)	1,110
Net income	$ 16,921	$ 157
Net income per share:
Basic (in dollars per share)	$ 0.41
Diluted (in dollars per share)	0.41
Distributions per share (in dollars per share)	$ 0.375	$ 0.375
Weighted-average shares outstanding (in thousands):
Basic (in shares)	40,777,901	40,875,179
Diluted (in shares)	41,070,609	40,959,675

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 16,921	$ 157
Other comprehensive income, net of tax:
Amortization of prior service credit included in net periodic cost, net of tax benefit of $(837) and $(815)	[1]	(1,310)	(1,275)
Amortization of actuarial loss included in net periodic cost, net of tax expense of $1,659 and $1,695	[1]	2,595	2,650
Cash flow hedge, net of tax of $31 and $(105)		48	(164)
Other comprehensive income, net of tax		1,333	1,211
Comprehensive income		$ 18,254	$ 1,368
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Amortization of prior service credit included in net periodic cost, tax benefit	$ (837)	$ (815)
Amortization of actuarial loss included in net periodic cost, tax expense	1,659	1,695
Cash flow hedge, tax effect	$ 31	$ (105)

Condensed Consolidated Condense

Condensed Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 101,664	$ 82,584
Receivables, net	16,328	17,284
Inventories	45,347	52,622
Other assets	8,675	11,155
Total current assets	172,014	163,645
Property, plant and equipment, net	74,466	72,820
Timber and timberlands, net	637,319	641,856
Deferred tax assets, net	41,550	42,051
Other assets	7,322	7,309
Total assets	932,671	927,681
Current liabilities:
Current portion of long-term debt	25,408	11,032
Accounts payable and accrued liabilities	44,209	43,710
Current portion of pension and other postretirement employee benefits	5,839	5,839
Total current liabilities	75,456	60,581
Long-term debt	558,510	572,956
Pension and other postretirement employee benefits	123,939	123,284
Other long-term obligations	15,504	14,586
Total liabilities	773,409	771,407
Commitments and contingencies
Stockholders' equity:
Common stock, $1 par value	40,608	40,519
Additional paid-in capital	355,174	355,274
Accumulated deficit	(127,109)	(128,775)
Accumulated other comprehensive loss	(109,411)	(110,744)
Total stockholders’ equity	159,262	156,274
Total liabilities and stockholders' equity	$ 932,671	$ 927,681

Condensed Consolidated Condens6

Condensed Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1

Condensed Consolidated Condens7

Condensed Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 16,921	$ 157
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	6,702	8,605
Basis of real estate sold	4,790	2,034
Change in deferred taxes	(351)	(1,110)
Employee benefit plans	3,292	2,737
Equity-based compensation expense	1,157	954
Other, net	(528)	(531)
Change in working capital and operating-related activities, net	9,966	16,047
Net cash from operating activities	41,949	28,893
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(3,636)	(932)
Timberlands reforestation and roads	(2,645)	(2,242)
Other, net	(102)	116
Net cash from investing activities	(6,383)	(3,058)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends to common stockholders	(15,228)	(15,258)
Repayment of revolving line of credit borrowings		(30,000)
Repayment of long-term debt		(5,000)
Proceeds from issuance of long-term debt		27,500
Change in book overdrafts		(2,836)
Other, net	(1,258)	(342)
Net cash from financing activities	(16,486)	(25,936)
Change in cash and cash equivalents	19,080	(101)
Cash and cash equivalents at beginning of period	82,584	7,925
Cash and cash equivalents at end of period	101,664	7,824
Cash paid (received) during the period for:
Interest, net of amounts capitalized	3,130	2,029
Income taxes, net	$ 148	$ (1,709)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. BASIS OF PRESENTATION For purposes of this report, any reference to “Potlatch,” “the company,” “we,” “us” and “our” means Potlatch Corporation and all of its wholly-owned subsidiaries, except where the context indicates otherwise. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements; certain disclosures normally provided in accordance with generally accepted accounting principles in the United States have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on February 17, 2017. We believe that all adjustments necessary for a fair statement of the results of such interim periods have been included and all such adjustments are of a normal recurring nature.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share Basic Other Disclosures Abstract
Earnings per Share	NOTE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2017 2016 Net income $ 16,921 $ 157 Basic weighted-average shares outstanding 40,777,901 40,875,179 Incremental shares due to: Performance shares 257,021 69,292 Restricted stock units 35,687 15,204 Diluted weighted-average shares outstanding 41,070,609 40,959,675 Basic net income per share $ 0.41 $ — Diluted net income per share $ 0.41 $ — For the three months ended March 31, 2017 and 2016, there were 81,440 and 90,272 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Anti-dilutive awards could be dilutive in future periods.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NOTE 4. CERTAIN BALANCE SHEET COMPONENTS INVENTORIES (Dollars in thousands) March 31, 2017 December 31, 2016 Logs $ 13,855 $ 23,342 Lumber, plywood and veneer 22,542 20,500 Materials and supplies 8,950 8,780 Total inventories $ 45,347 $ 52,622 PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) March 31, 2017 December 31, 2016 Property, plant and equipment $ 254,105 $ 250,913 Less: accumulated depreciation (179,639 ) (178,093 ) Total property, plant and equipment, net $ 74,466 $ 72,820 TIMBER AND TIMBERLANDS (Dollars in thousands) March 31, 2017 December 31, 2016 Timber and timberlands $ 568,554 $ 572,273 Logging roads 68,765 69,583 Total timber and timberlands, net $ 637,319 $ 641,856

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 5. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset or liability to a particular risk, such as interest rate risk, are considered fair value hedges. We have five fair value interest rate swaps to convert interest payments on fixed-rate debt to variable-rate 3-month LIBOR plus a spread. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. We have one interest rate swap to convert variable-rate debt, comprised of 3-month LIBOR plus a spread, to fixed-rate debt. Our cash flow hedge is expected to be highly effective in achieving offsetting cash flows attributable to the hedged interest rate risk through the term of the hedge. Therefore, changes in the fair value of the interest rate swap are recorded as a component of other comprehensive income and will be recognized in earnings when the hedged interest rate affects earnings. The amounts paid or received on this interest rate hedge will be recognized as adjustments to interest expense. As of March 31, 2017, the amount of net loss expected to be reclassified into earnings in the next 12 months is $0.1 million. The following table presents the gross fair values of our interest rate contracts designated as hedging instruments on our Condensed Consolidated Balance Sheets (Dollars in thousands) Asset Derivatives Liability Derivatives Location March 31, 2017 December 31, 2016 Location March 31, 2017 December 31, 2016 Other assets, current $ 158 $ 32 Current liabilities $ — $ — Other assets, non-current 1,227 1,363 Other long-term obligations 219 91 $ 1,385 $ 1,395 $ 219 $ 91 The following table details the effect of derivatives on our Consolidated Statements of Income Three Months Ended March 31, (Dollars in thousands) Location 2017 2016 Derivatives Realized gain on interest rate contracts 1 Interest expense $ 167 $ 242 Derivatives Gain (loss) recognized in other comprehensive income, net of tax (effective portion) $ (2 ) $ (164 ) Loss reclassified from accumulated other comprehensive income into interest expense (effective portion) 1 Interest expense 50 — Net effect on other comprehensive income $ 48 $ (164 ) 1 Realized gain and losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in our Condensed Consolidated Statements of Cash Flows .

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instrument Detail [Abstract]
Financial Instruments	NOTE 6. FINANCIAL INSTRUMENTS The following table presents the estimated fair values of our financial instruments: March 31, 2017 December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (Level 1) $ 101,664 $ 101,664 $ 82,584 $ 82,584 Derivative assets related to interest rate swaps (Level 2) $ 1,385 $ 1,385 $ 1,395 $ 1,395 Derivative liabilities related to interest rate swaps (Level 2) $ (219 ) $ (219 ) $ (91 ) $ (91 ) Long-term debt, including current portion (Level 2): Term loans $ (349,500 ) $ (351,603 ) $ (349,500 ) $ (350,909 ) Senior notes (149,335 ) (164,250 ) (149,271 ) (164,250 ) Revenue bonds (65,735 ) (62,570 ) (65,735 ) (62,205 ) Medium-term notes (22,250 ) (23,613 ) (22,250 ) (23,926 ) Total long-term debt 1 $ (586,820 ) $ (602,036 ) $ (586,756 ) $ (601,290 ) Company owned life insurance asset (COLI) (Level 3) $ 649 $ 649 $ 70 $ 70 1 For cash and cash equivalents and revolving line of credit borrowings, the carrying amount approximates fair value due to the short-term nature of these financial instruments. The fair value of the interest rate swaps was determined using discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate forward curves. The fair value of our long-term debt is estimated based upon quoted market prices for similar debt issues or estimated based on average market prices for comparable debt when there is no quoted market price. The contract value of our COLI, the amount at which it could be redeemed, is used to estimate fair value because market prices are not readily available.

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2017
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NOTE 7. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 1,862 $ 1,507 $ 3 $ 5 Interest cost 4,081 4,252 321 355 Expected return on plan assets (4,603 ) (4,766 ) — — Amortization of prior service cost (credit) 72 130 (2,219 ) (2,220 ) Amortization of actuarial loss 3,856 3,917 398 428 Net periodic cost (benefit) $ 5,268 $ 5,040 $ (1,497 ) $ (1,432 ) During the three months ended March 31, 2017 and 2016, we paid non-qualified supplemental pension benefits of $0.4 million and $0.4 million and OPEB benefits of $0.6 million and $1.3 million, respectively. The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets Three Months Ended March 31, 2017 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 120,627 $ (9,182 ) $ 111,445 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (44 ) 1,354 1,310 Actuarial loss (2,352 ) (243 ) (2,595 ) Total reclassification for the period (2,396 ) 1,111 (1,285 ) Balance at March 31 $ 118,231 $ (8,071 ) $ 110,160 Three Months Ended March 31, 2016 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 128,244 $ (13,741 ) $ 114,503 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (79 ) 1,354 1,275 Actuarial loss (2,389 ) (261 ) (2,650 ) Total reclassification for the period (2,468 ) 1,093 (1,375 ) Balance at March 31 $ 125,776 $ (12,648 ) $ 113,128 1

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Share Based Compensation [Abstract]
Equity-Based Compensation	NOTE 8. EQUITY-BASED COMPENSATION As of March 31, 2017, we had two stock incentive plans under which performance shares, restricted stock units (RSUs) and deferred compensation stock equivalent units were outstanding. These plans have received shareholder approval. We were originally authorized to issue up to 1.6 million shares and 1.0 million shares under our 2005 Stock Incentive Plan and 2014 Stock Incentive Plan, respectively. At March 31, 2017, approximately 1.0 million shares were authorized for future use. We issue new shares of common stock to settle performance shares, restricted stock units and deferred compensation stock equivalent units. The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Employee equity-based compensation expense: Performance shares $ 868 $ 754 Restricted stock units 289 200 Total employee equity-based compensation expense $ 1,157 $ 954 Deferred compensation stock equivalent units expense $ 161 $ 200 Total tax benefit recognized for share-based expense $ 93 $ 66 PERFORMANCE SHARES The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of performance share awards in 2017 and 2016: Three Months Ended March 31, 2017 2016 Stock price as of valuation date $ 43.60 $ 25.92 Risk-free rate 1.61 % 0.88 % Expected volatility 24.22 % 23.82 % Expected dividends 3.44 % 5.79 % Expected term (years) 3.00 3.00 Fair value $ 53.85 $ 30.02 The following table summarizes outstanding performance share awards as of March 31, 2017, and changes during the three months ended March 31, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 203,788 $ 32.59 Granted 78,033 $ 53.85 Unvested shares outstanding at March 31 281,821 $ 38.48 $ 10,844 As of March 31, 2017, there was $6.7 million of unrecognized compensation cost related to unvested performance share awards, which is expected to be recognized over a weighted-average period of 1.8 years. RESTRICTED STOCK UNITS The following table summarizes outstanding RSU awards as of March 31, 2017, and changes during the three months ended March 31, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 71,420 $ 31.61 Granted 26,007 $ 43.60 Vested (500 ) $ 25.92 Unvested shares outstanding at March 31 96,927 $ 34.86 $ 4,430 The fair value of each RSU equaled our common share price on the date of grant. The total fair value of RSU awards that vested during the three months ended March 31, 2017 was de minimis. As of March 31, 2017, there was $2.1 million of total unrecognized compensation cost related to unvested RSU awards, which is expected to be recognized over a weighted-average period of 1.9 years. DEFERRED COMPENSATION STOCK EQUIVALENT UNITS A long-term incentive award is granted annually to our directors and is payable upon a director's separation from service. Directors may also elect to defer their quarterly retainers, which may be payable in the form of stock. All stock unit equivalent accounts are credited with dividend equivalents. As of March 31, 2017, there were 134,832 shares outstanding that will be distributed in the future to directors as common stock. Issuance of restricted stock units awarded to certain officers and select employees may also be deferred. All stock unit equivalent accounts are credited with dividend equivalents. As of March 31, 2017, 72,718 RSUs have vested, but issuance of the related stock has been deferred.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal and state corporate income taxes on income of the REIT that we distribute to our shareholders. We conduct certain activities through our taxable REIT subsidiaries (TRS), which are subject to corporate level federal and state income taxes. These taxable activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to income or loss of the TRS, as well as permanent book versus tax differences.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10. COMMITMENTS AND CONTINGENCIES In January 2007, the Environmental Protection Agency (EPA) notified us that we are a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and the Clean Water Act for cleanup of a site known as Avery Landing in northern Idaho. We own a portion of the land at the Avery Landing site, which we acquired in 1980 from the Milwaukee Railroad. The land we own at the site and adjacent properties were contaminated with petroleum as a result of the Milwaukee Railroad's operations at the site prior to 1980. On July 5, 2011, the EPA issued an Action Memorandum for the Avery Landing Site selecting contaminant extraction and off-site disposal as the remedial alternative. On May 23, 2012, we signed a consent order with the EPA pursuant to which we agreed to provide $1.75 million in funding for EPA cleanup on a portion of our property (including the adjacent riverbank owned by the Idaho Department of Lands). The EPA cleanup was completed in October 2012. On April 4, 2013, the EPA issued a unilateral administrative order requiring us to remediate the portion of the Avery Landing site that we own. Our remediation was completed in October 2013. In 2016, the EPA confirmed that Potlatch had completed the cleanup and subsequent monitoring required by the unilateral order. On September 25, 2015, the EPA sent us a letter asserting that the EPA and the Department of Transportation (the current owner of a portion of the adjacent property remediated by the EPA) (DOT) had incurred $9.8 million in unreimbursed response costs associated with the site and that we were liable for such costs. We executed a tolling agreement with the EPA and DOT suspending the statute of limitations on the claim until September 2016 in order to facilitate negotiations of a final settlement and release. In September, the parties agreed to extend the tolling agreement through October 6, 2016. The tolling agreement was further extended through February 22, 2017 and in January 2017, the tolling agreement was extended through May 22, 2017, and the parties are in the process of negotiating a further extension. Settlement negotiations continue. If settlement efforts prove to be unsuccessful, we believe we have meritorious defenses to this claim and we intend to defend ourselves vigorously. We accrued $0.2 million for this matter in the first quarter of 2016 and an additional $0.8 million for this matter in the second quarter of 2016. It is reasonably possible that our liability may exceed our accrual by up to approximately $2 million. We have reserved all of our rights to seek reimbursement for the costs of remediation from all parties potentially responsible.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting Information Additional Information [Abstract]
Segment Information	NOTE 11. SEGMENT INFORMATION The following table summarizes information by business segment: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Revenues: Resource $ 51,768 $ 48,710 Wood Products 95,592 83,238 Real Estate 14,504 5,566 161,864 137,514 Intersegment Resource revenues 1 (12,183 ) (9,618 ) Total consolidated revenues $ 149,681 $ 127,896 Income (loss) before income taxes: Resource $ 14,929 $ 10,207 Wood Products 8,684 956 Real Estate 8,643 2,075 Eliminations and adjustments 1,059 1,465 33,315 14,703 Corporate (9,406 ) (9,631 ) Operating income 23,909 5,072 Interest expense, net (4,970 ) (6,025 ) Income (loss) before income taxes $ 18,939 $ (953 ) Depreciation, depletion and amortization: Resource $ 4,384 $ 6,128 Wood Products 1,827 1,901 Real Estate 1 2 6,212 8,031 Corporate 117 208 Bond discounts and deferred loan fees 373 366 Total depreciation, depletion and amortization $ 6,702 $ 8,605 Basis of real estate sold: Real Estate $ 4,809 $ 2,245 Eliminations and adjustments (19 ) (211 ) Total basis of real estate sold $ 4,790 $ 2,034 1

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share Basic Other Disclosures Abstract
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted EPS	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2017 2016 Net income $ 16,921 $ 157 Basic weighted-average shares outstanding 40,777,901 40,875,179 Incremental shares due to: Performance shares 257,021 69,292 Restricted stock units 35,687 15,204 Diluted weighted-average shares outstanding 41,070,609 40,959,675 Basic net income per share $ 0.41 $ — Diluted net income per share $ 0.41 $ —

Certain Balance Sheet Compone20

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	INVENTORIES (Dollars in thousands) March 31, 2017 December 31, 2016 Logs $ 13,855 $ 23,342 Lumber, plywood and veneer 22,542 20,500 Materials and supplies 8,950 8,780 Total inventories $ 45,347 $ 52,622
Schedule of Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) March 31, 2017 December 31, 2016 Property, plant and equipment $ 254,105 $ 250,913 Less: accumulated depreciation (179,639 ) (178,093 ) Total property, plant and equipment, net $ 74,466 $ 72,820
Schedule of Timber and Timberlands	TIMBER AND TIMBERLANDS (Dollars in thousands) March 31, 2017 December 31, 2016 Timber and timberlands $ 568,554 $ 572,273 Logging roads 68,765 69,583 Total timber and timberlands, net $ 637,319 $ 641,856

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instrument Detail [Abstract]
Fair Value of Interest Rate Contracts Designated As Hedging Instruments	The following table presents the gross fair values of our interest rate contracts designated as hedging instruments on our Condensed Consolidated Balance Sheets (Dollars in thousands) Asset Derivatives Liability Derivatives Location March 31, 2017 December 31, 2016 Location March 31, 2017 December 31, 2016 Other assets, current $ 158 $ 32 Current liabilities $ — $ — Other assets, non-current 1,227 1,363 Other long-term obligations 219 91 $ 1,385 $ 1,395 $ 219 $ 91
Effect of Derivatives on Consolidated Statements of Income	The following table details the effect of derivatives on our Consolidated Statements of Income Three Months Ended March 31, (Dollars in thousands) Location 2017 2016 Derivatives Realized gain on interest rate contracts 1 Interest expense $ 167 $ 242 Derivatives Gain (loss) recognized in other comprehensive income, net of tax (effective portion) $ (2 ) $ (164 ) Loss reclassified from accumulated other comprehensive income into interest expense (effective portion) 1 Interest expense 50 — Net effect on other comprehensive income $ 48 $ (164 ) 1 Realized gain and losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in our Condensed Consolidated Statements of Cash Flows .

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: March 31, 2017 December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (Level 1) $ 101,664 $ 101,664 $ 82,584 $ 82,584 Derivative assets related to interest rate swaps (Level 2) $ 1,385 $ 1,385 $ 1,395 $ 1,395 Derivative liabilities related to interest rate swaps (Level 2) $ (219 ) $ (219 ) $ (91 ) $ (91 ) Long-term debt, including current portion (Level 2): Term loans $ (349,500 ) $ (351,603 ) $ (349,500 ) $ (350,909 ) Senior notes (149,335 ) (164,250 ) (149,271 ) (164,250 ) Revenue bonds (65,735 ) (62,570 ) (65,735 ) (62,205 ) Medium-term notes (22,250 ) (23,613 ) (22,250 ) (23,926 ) Total long-term debt 1 $ (586,820 ) $ (602,036 ) $ (586,756 ) $ (601,290 ) Company owned life insurance asset (COLI) (Level 3) $ 649 $ 649 $ 70 $ 70 1

Pension and Other Postretirem23

Pension and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Components of Net Periodic Cost (Benefit)	The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 1,862 $ 1,507 $ 3 $ 5 Interest cost 4,081 4,252 321 355 Expected return on plan assets (4,603 ) (4,766 ) — — Amortization of prior service cost (credit) 72 130 (2,219 ) (2,220 ) Amortization of actuarial loss 3,856 3,917 398 428 Net periodic cost (benefit) $ 5,268 $ 5,040 $ (1,497 ) $ (1,432 )
Schedule of Accumulated Other Comprehensive Loss (AOCL)	The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets Three Months Ended March 31, 2017 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 120,627 $ (9,182 ) $ 111,445 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (44 ) 1,354 1,310 Actuarial loss (2,352 ) (243 ) (2,595 ) Total reclassification for the period (2,396 ) 1,111 (1,285 ) Balance at March 31 $ 118,231 $ (8,071 ) $ 110,160 Three Months Ended March 31, 2016 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 128,244 $ (13,741 ) $ 114,503 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (79 ) 1,354 1,275 Actuarial loss (2,389 ) (261 ) (2,650 ) Total reclassification for the period (2,468 ) 1,093 (1,375 ) Balance at March 31 $ 125,776 $ (12,648 ) $ 113,128 1

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Share Based Compensation [Abstract]
Details of Equity-Based Compensation Expense	The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Employee equity-based compensation expense: Performance shares $ 868 $ 754 Restricted stock units 289 200 Total employee equity-based compensation expense $ 1,157 $ 954 Deferred compensation stock equivalent units expense $ 161 $ 200 Total tax benefit recognized for share-based expense $ 93 $ 66
Fair Value of Performance Share Awards	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of performance share awards in 2017 and 2016: Three Months Ended March 31, 2017 2016 Stock price as of valuation date $ 43.60 $ 25.92 Risk-free rate 1.61 % 0.88 % Expected volatility 24.22 % 23.82 % Expected dividends 3.44 % 5.79 % Expected term (years) 3.00 3.00 Fair value $ 53.85 $ 30.02
Summary of Outstanding Performance Share Awards	The following table summarizes outstanding performance share awards as of March 31, 2017, and changes during the three months ended March 31, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 203,788 $ 32.59 Granted 78,033 $ 53.85 Unvested shares outstanding at March 31 281,821 $ 38.48 $ 10,844
Summary of Outstanding RSU Awards	The following table summarizes outstanding RSU awards as of March 31, 2017, and changes during the three months ended March 31, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 71,420 $ 31.61 Granted 26,007 $ 43.60 Vested (500 ) $ 25.92 Unvested shares outstanding at March 31 96,927 $ 34.86 $ 4,430

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting Information Additional Information [Abstract]
Summary of Information by Business Segment	The following table summarizes information by business segment: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Revenues: Resource $ 51,768 $ 48,710 Wood Products 95,592 83,238 Real Estate 14,504 5,566 161,864 137,514 Intersegment Resource revenues 1 (12,183 ) (9,618 ) Total consolidated revenues $ 149,681 $ 127,896 Income (loss) before income taxes: Resource $ 14,929 $ 10,207 Wood Products 8,684 956 Real Estate 8,643 2,075 Eliminations and adjustments 1,059 1,465 33,315 14,703 Corporate (9,406 ) (9,631 ) Operating income 23,909 5,072 Interest expense, net (4,970 ) (6,025 ) Income (loss) before income taxes $ 18,939 $ (953 ) Depreciation, depletion and amortization: Resource $ 4,384 $ 6,128 Wood Products 1,827 1,901 Real Estate 1 2 6,212 8,031 Corporate 117 208 Bond discounts and deferred loan fees 373 366 Total depreciation, depletion and amortization $ 6,702 $ 8,605 Basis of real estate sold: Real Estate $ 4,809 $ 2,245 Eliminations and adjustments (19 ) (211 ) Total basis of real estate sold $ 4,790 $ 2,034 1

Recent Accounting Pronounceme26

Recent Accounting Pronouncements (Narrative) (Details) - Pension and Other Postretirement Employee Benefit [Member] $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Net periodic pension and other postretirement employee benefit cost	$ 15.7
Service cost	$ 6.5

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation Of Number Of Common Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings per Share [Line Items]
Net income	$ 16,921	$ 157
Basic weighted-average shares outstanding	40,777,901	40,875,179
Diluted weighted-average shares outstanding	41,070,609	40,959,675
Basic net income per share	$ 0.41
Diluted net income per share	$ 0.41
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	257,021	69,292
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	35,687	15,204

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Total anti-dilutive shares excluded from the calculation (in shares)	81,440	90,272

Certain Balance Sheet Compone29

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Logs	$ 13,855	$ 23,342
Lumber, plywood and veneer	22,542	20,500
Materials and supplies	8,950	8,780
Total inventories	$ 45,347	$ 52,622

Certain Balance Sheet Compone30

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 254,105	$ 250,913
Less: accumulated depreciation	(179,639)	(178,093)
Total property, plant and equipment, net	$ 74,466	$ 72,820

Certain Balance Sheet Compone31

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Timber And Timberlands [Abstract]
Timber and timberlands	$ 568,554	$ 572,273
Logging roads	68,765	69,583
Total timber and timberlands, net	$ 637,319	$ 641,856

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Derivative
Derivatives, Fair Value [Line Items]
Net loss expected to be reclassified into earnings in the next twelve months | $	$ 0.1
Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	5
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	1

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Interest Rate Contracts Designated As Hedging Instruments) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 1,385	$ 1,395
Liability Derivatives, Fair Value	219	91
Interest rate contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	158	32
Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	1,227	1,363
Interest rate contracts [Member] | Other Long-term Obligations [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 219	$ 91

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net effect on other comprehensive income		$ 48	$ (164)
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net of tax (effective portion)		(2)	(164)
Interest Expense [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain on interest rate contracts	[1]	167	$ 242
Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive income into interest expense (effective portion)	[1]	$ 50
[1]	1Realized gain and losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in our Condensed Consolidated Statements of Cash Flows.

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Carrying Amount [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 101,664	$ 82,584
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(586,820)	(586,756)
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets related to interest rate swaps		1,385	1,395
Derivative liabilities related to interest rate swaps		(219)	(91)
Carrying Amount [Member] | Level 2 [Member] | Term Loans [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(349,500)	(349,500)
Carrying Amount [Member] | Level 2 [Member] | Senior notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(149,335)	(149,271)
Carrying Amount [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,735)	(65,735)
Carrying Amount [Member] | Level 2 [Member] | Medium-term notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(22,250)	(22,250)
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		649	70
Fair Value [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents		101,664	82,584
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(602,036)	(601,290)
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets related to interest rate swaps		1,385	1,395
Derivative liabilities related to interest rate swaps		(219)	(91)
Fair Value [Member] | Level 2 [Member] | Term Loans [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(351,603)	(350,909)
Fair Value [Member] | Level 2 [Member] | Senior notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(164,250)	(164,250)
Fair Value [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(62,570)	(62,205)
Fair Value [Member] | Level 2 [Member] | Medium-term notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(23,613)	(23,926)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 649	$ 70
[1]	The carrying amount of long-term debt includes principal and unamortized discounts.

Pension and Other Postretirem36

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,862	$ 1,507
Interest cost	4,081	4,252
Expected return on plan assets	(4,603)	(4,766)
Amortization of prior service cost (credit)	72	130
Amortization of actuarial loss	3,856	3,917
Net periodic cost (benefit)	5,268	5,040
Other Postretirement Employee Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	5
Interest cost	321	355
Amortization of prior service cost (credit)	(2,219)	(2,220)
Amortization of actuarial loss	398	428
Net periodic cost (benefit)	$ (1,497)	$ (1,432)

Pension and Other Postretirem37

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Other Postretirement Benefits Payments	$ 0.6	$ 1.3
Non-Qualified Supplemental Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 0.4	$ 0.4

Pension and Other Postretirem38

Pension and Other Postretirement Employee Benefits (Change in Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income [Roll Forward]
AOCI at beginning of period		$ 111,445	$ 114,503
Prior service credit (cost)	[1]	1,310	1,275
Actuarial loss	[1]	(2,595)	(2,650)
Total reclassification for the period	[1]	(1,285)	(1,375)
AOCI at end of period		110,160	113,128
Pension Plans [Member]
Accumulated Other Comprehensive Income [Roll Forward]
AOCI at beginning of period		120,627	128,244
Prior service credit (cost)	[1]	(44)	(79)
Actuarial loss	[1]	(2,352)	(2,389)
Total reclassification for the period	[1]	(2,396)	(2,468)
AOCI at end of period		118,231	125,776
Other Postretirement Employee Benefits [Member]
Accumulated Other Comprehensive Income [Roll Forward]
AOCI at beginning of period		(9,182)	(13,741)
Prior service credit (cost)	[1]	1,354	1,354
Actuarial loss	[1]	(243)	(261)
Total reclassification for the period	[1]	1,111	1,093
AOCI at end of period		$ (8,071)	$ (12,648)
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Unit, Vested, Issuance Deferred	72,718
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Outstanding	134,832
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 6.7
Weighted average period (in years)	1 year 9 months 18 days
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 2.1
Weighted average period (in years)	1 year 10 months 24 days
2005 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,600,000
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,000,000
2005 and 2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,000,000

Equity-Based Compensation (Deta

Equity-Based Compensation (Details Of Equity-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 1,157	$ 954
Deferred compensation stock equivalent units expense	161	200
Total tax benefit recognized for share-based expense	93	66
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	868	754
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 289	$ 200

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance Shares [Member] - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date (in dollars per share)	$ 43.60	$ 25.92
Risk-free rate	1.61%	0.88%
Expected volatility	24.22%	23.82%
Expected dividends	3.44%	5.79%
Expected term (years)	3 years	3 years
Fair value	$ 53.85	$ 30.02

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary Of Outstanding Performance Shares/Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares outstanding at January 1, Shares	203,788
Granted (in shares)	78,033
Unvested shares outstanding at March 31, Shares	281,821
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 32.59
Granted, Weighted Avg. Exercise Price (in dollars per share)	53.85	$ 30.02
Unvested shares outstanding at March 31, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 38.48
Aggregate Intrinsic Value	$ 10,844
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares outstanding at January 1, Shares	71,420
Granted (in shares)	26,007
Vested (in shares)	(500)
Unvested shares outstanding at March 31, Shares	96,927
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 31.61
Granted, Weighted Avg. Exercise Price (in dollars per share)	43.60
Vested, Weighted Avg. Grant Date Fair Value (in dollars per share)	25.92
Unvested shares outstanding at March 31, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 34.86
Aggregate Intrinsic Value	$ 4,430

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 25, 2015	May 23, 2012	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Loss Contingency Accrual, Payments		$ 1,750
Loss Contingency, Damages Sought, Value	$ 9,800
Loss Contingency Accrual				$ 800	$ 200
Extended tolling agreement for final settlement and release			May 22, 2017

Segment Information (Summary Of

Segment Information (Summary Of Information By Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Segment Revenues		$ 149,681	$ 127,896
Operating income		23,909	5,072
Interest expense, net		(4,970)	(6,025)
Income (loss) before income taxes		18,939	(953)
Depreciation, depletion and amortization		6,702	8,605
Bond discounts and deferred loan fees		373	366
Basis of real estate sold		4,790	2,034
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment Revenues		161,864	137,514
Operating income		33,315	14,703
Depreciation, depletion and amortization		6,212	8,031
Operating Segments [Member] | Resource [Member]
Segment Reporting Information [Line Items]
Segment Revenues		51,768	48,710
Operating income		14,929	10,207
Depreciation, depletion and amortization		4,384	6,128
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Segment Revenues		95,592	83,238
Operating income		8,684	956
Depreciation, depletion and amortization		1,827	1,901
Operating Segments [Member] | Real Estate [Member]
Segment Reporting Information [Line Items]
Segment Revenues		14,504	5,566
Operating income		8,643	2,075
Depreciation, depletion and amortization		1	2
Basis of real estate sold		4,809	2,245
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Segment Revenues	[1]	(12,183)	(9,618)
Operating income		1,059	1,465
Basis of real estate sold		(19)	(211)
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income		(9,406)	(9,631)
Depreciation, depletion and amortization		$ 117	$ 208
[1]	Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment.