PBF Energy 2012 Annual Report Download - page 124
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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
11 - STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE (Continued)
PBF LLC Capital Structure (Continued)
Information about the issued classes of PBF LLC units for the years ended December 31, 2012, 2011 and 2010,
is as follows:
Series A Units Series B Units Series C Units
Balance—January 1, 2010 ................ —— —
Equity reorganization ................. 3,087,600 — —
Member capital contribution ............ 48,305,514 — —
Units allocated to management .......... — 950,000 —
Balance—December 31, 2010 .............. 51,393,114 950,000 —
Units allocated to management .......... — 50,000 —
Member capital contribution ............ 40,864,698 — —
Balance—December 31, 2011 .............. 92,257,812 1,000,000 —
Issuances of restricted units ............ 23,904 — —
Exercise of warrants and options ........ 2,661,636 — —
Balance—December 18, 2012 .............. 94,943,352 1,000,000 —
Reorganization and offering transaction . . . (21,967,686) — 21,967,686
Issuance of Series C units .............. — — 1,600,000
Exchange of Series A Units for Class A
common stock of PBF Energy Inc. ..... (3,535) — 3,535
Balance—December 31, 2012 .............. 72,972,131 1,000,000 23,571,221
The warrants and options exercised in the table above include both non-compensatory and compensatory
PBF LLC Series A warrants and options.
12 - STOCK-BASED COMPENSATION
Stock-based compensation expense included in general and administrative expenses consisted of the following:
Years Ended December 31,
2012 2011 2010
PBF LLC Series A Unit compensatory warrants
and options ........................... $1,589 $1,135 $ 378
PBF LLC Series B Units ................... 1,277 1,381 1,922
PBF Energy options ...................... 88 — —
$2,954 $2,516 $2,300
PBF LLC Series A warrants and options
PBF LLC granted compensatory warrants to employees of the Company in connection with their purchase of
Series A units in PBF LLC. The warrants grant the holder the right to purchase PBF LLC Series A Units. One-
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