PBF Energy 2012 Annual Report Download - page 142

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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)
20 - NET INCOME PER SHARE (Continued)
(1) The diluted earnings per share calculation above, assumes the conversion of all outstanding PBF LLC
Series A Units to Class A Common Stock of PBF Energy as of the date of the IPO. The net income
attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is
adjusted to reflect the net income, as well as the corresponding income tax (based on a 39.5% effective
tax rate) attributable to the converted units.
Dilutive earnings per share excludes the effects of options to purchase 682,500 shares of PBF Energy
Class A common stock because they are anti-dilutive.
21 - SUBSEQUENT EVENTS
Toledo Refinery Fire
On January 30, 2013, there was a brief fire within the fluid catalytic cracking complex (“FCC”) at the Toledo
refinery. The FCC was the only unit involved and it was temporarily shut down. There were no injuries or known
offsite impacts. The refinery resumed running at planned rates on February 18, 2013.
Dividend Declaration
On February 20, 2013, the Company’s Board of Directors declared a dividend of $0.30 per share on outstanding
Class A common stock. The dividend is payable on March 15, 2013 to Class A common stockholders of record at
the close of business on March 5, 2013.
Delaware Economic Development Authority Loan
In February 2013, the Company received confirmation from the Delaware Economic Development Authority that
they had satisfied the conditions necessary for the first $4.0 million tranche of the loan to be converted to a grant.
See Note 8 for further details on the Delaware Economic Development Authority Loan.
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