PBF Energy 2012 Annual Report Download - page 125
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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)
12 - STOCK-BASED COMPENSATION (Continued)
PBF LLC Series A warrants and options (Continued)
quarter of the PBF LLC Series A compensatory warrants were exercisable at the date of grant and the remaining
three-quarters become exercisable over equal annual installments on each of the first three anniversaries of the
grant date subject to acceleration in certain circumstances. A total of 551,759 and 691,230 such PBF LLC Series
A compensatory warrants were granted during the years ended December 31, 2011 and 2010, respectively. They
are exercisable for ten years from the date of grant. The remaining warrants became fully exercisable in
connection with the IPO of PBF Energy.
A total of 205,000 and 620,000 options to purchase PBF LLC Series A units were granted to certain employees,
management and directors, in 2012 and 2011, respectively. Options vest over equal annual installments on each
of the first three anniversaries of the grant date subject to acceleration in certain circumstances. The options are
exercisable for ten years from the date of grant.
The estimated fair value of compensatory warrants and options granted during the years ended December 31,
2012, 2011 and 2010 was determined using the Black-Scholes pricing model with the following weighted
average assumptions:
Years Ended December 31,
2012 2011 2010
Expected life (in years) .................... 6.00 5.75 5.75
Expected volatility ....................... 55.00% 40.00% 42.30%
Dividend yield ........................... 1.00% 1.06% 1.84%
Risk-free rate of return .................... 0.91% 2.43% 2.25%
Exercise price ........................... $12.55 $10.00 $10.00
The total estimated fair value of PBF LLC Series A warrants and options granted in 2012, 2011 and 2010 was
$1,207, $2,116 and $1,179, respectively, and the weighted average fair value per unit was $5.89, $1.81 and
$1.71, respectively. Unrecognized compensation expense related to PBF LLC Series A warrants and options at
December 31, 2012 was $1,427.
F-33