Two men wearing red jackets are looking out over some water and one man has yellow earphones on his ears.
The jackets being worn are red.
Men wearing red jackets is a rephrasing of jackets being worn that are red.
Wearing red jackets is a rephrasing of jackets being worn are red.
The color of the mens' jackets are rephrased. 'red jackets' and 'jackets being worn are red' offer the same information.