Sure. No problem at all.
2016-10-11 08:38:05.579227+0200 0x78fe0 Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
I also took the liberty to check previous messages:
2016-10-09 02:00:17.440414+0200 0x3dac5c Default 0x0 368 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=144 "Watch Not On Wrist" UserInfo={NSLocalizedDescription=Watch Not On Wrist}
2016-10-09 20:43:45.615549+0200 0x412ca9 Default 0x0 368 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=131 "Apple Watch Not Found" UserInfo={NSLocalizedDescription=Apple Watch Not Found}
2016-10-10 01:09:05.367209+0200 0x4a55a6 Default 0x0 368 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=137 "Ranging Timeout: Results Not Returned" UserInfo={NSLocalizedDescription=Ranging Timeout: Results Not Returned}
2016-10-10 01:09:20.139304+0200 0x4a5d8e Default 0x0 368 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:14:38.408594+0200 0x4af9d4 Default 0x0 368 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:19:27.225417+0200 0x6757 Default 0x0 315 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:20:02.380784+0200 0x7b36 Default 0x0 315 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:25:10.955860+0200 0xa912 Default 0x0 315 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=144 "Watch Not On Wrist" UserInfo={NSLocalizedDescription=Watch Not On Wrist}
2016-10-10 01:25:34.242473+0200 0xa70a Default 0x0 315 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:26:14.718411+0200 0xd61d Default 0x0 315 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:26:28.052476+0200 0xa70a Default 0x0 315 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:36:00.176342+0200 0x12f4 Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 01:36:20.515840+0200 0x41e8 Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 02:21:49.421004+0200 0xd2f6 Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 02:22:09.645488+0200 0xde4e Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 22:07:11.120513+0200 0x55b1c Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 22:34:05.819845+0200 0x7df3e Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 22:48:57.127910+0200 0x92a2f Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 22:49:38.144354+0200 0x93bfa Default 0x0 314 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=138 "Ranging Timeout: Couldn’t Find Peer" UserInfo={NSLocalizedDescription=Ranging Timeout: Couldn’t Find Peer}
2016-10-10 22:57:54.865731+0200 0x289a Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=144 "Watch Not On Wrist" UserInfo={NSLocalizedDescription=Watch Not On Wrist}
2016-10-10 22:58:24.289835+0200 0x4694 Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=144 "Watch Not On Wrist" UserInfo={NSLocalizedDescription=Watch Not On Wrist}
2016-10-10 22:59:40.254899+0200 0x711a Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 23:00:06.383221+0200 0x79b5 Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 23:02:55.585872+0200 0xccf0 Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 23:08:30.341400+0200 0xfcae Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-10 23:35:41.352801+0200 0x2c48c Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3906 "Ranging Timeout (-3906)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3906)}
2016-10-11 01:43:48.007461+0200 0x4548b Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=SFAutoUnlockErrorDomain Code=144 "Watch Not On Wrist" UserInfo={NSLocalizedDescription=Watch Not On Wrist}
2016-10-11 08:33:07.243492+0200 0x74992 Default 0x0 346 sharingd: [com.apple.sharing.AutoUnlock] Client ack'd did fail with error: Error Domain=com.apple.wifi.apple80211API.error Code=-3933 "Ranging Timeout (-3933)" UserInfo={NSLocalizedDescription=Ranging Timeout (-3933)}
So this seems to be the reason most of the time. Trying again holding the watch directly in front of the computer yields the same result.