PBF Energy 2012 Annual Report Download - page 128

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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 Energy options (Continued)
The following table summarizes activity for PBF Energy options for the year ended December 31, 2012. There were
no options granted, exercised or forfeited prior to 2012.
Number of
PBF Energy
Class A
Common
Stock Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life
(in years)
Stock-based awards, outstanding January 1, 2012 . . . — $ — —
Granted ................................. 682,500 26.00 10.00
Exercised ............................... — — —
Forfeited ................................ — — —
Outstanding at December 31, 2012 ....... 682,500 $26.00 9.95
Exercisable and vested at December 31,
2012 ............................. — $ — —
Exercisable and vested at December 31,
2011 ............................. — $ — —
Expected to vest at December 31, 2012 .... 682,500 $26.00 9.95
13 - INCOME TAXES
The Company’s income before income taxes is earned solely in the United States. For periods following its IPO,
PBF Energy is required to file a separate federal corporate income tax return and recognizes income taxes on its
pre-tax income, which to-date has consisted solely of its share (approximately 24.4% as of December 31, 2012)
of PBF LLC’s pre-tax income. PBF LLC is organized as a limited liability company and is not subject to income
taxes. As PBF LLC was not a taxable entity, and remains as such subsequent to the IPO, the Company’s
consolidated financial statements do not reflect any income taxes for PBF LLC for periods prior to the IPO or
any income taxes on pre-tax income attributable to the noncontrolling interest in PBF LLC.
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