PBF Energy 2013 Annual Report Download - page 104
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See notes to consolidated financial statements.
F- 8
PBF ENERGY INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
(IN THOUSANDS, EXCEPT SHARE DATA)
PBF Energy Inc. Stockholders’ Equity
Class A
Common Stock
Class B
Common Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Former
Controlling
Interest
Equity
Noncontrolling
Interest
Total
Equity
Shares Amount Shares Amount
Balance, January 1, 2011 — $ — — $ — $ — $ — $ (1,049) $ 459,710 $ — $ 458,661
Comprehensive income — — — — — — (1,327) 242,671 — 241,344
Member capital contributions — — — — — — — 408,397 — 408,397
Stock based compensation — — — — — — — 2,516 — 2,516
Balance, December 31, 2011 — — — — — — (2,376) 1,113,294 — 1,110,918
Comprehensive income — — — — — 1,956 (6,565) 792,076 10,005 797,472
Exercise of PBF Energy
Company LLC warrants and
options — — — — — — — 13,107 — 13,107
Distributions to former
controlling interest holders — — — — — — — (160,965) — (160,965)
Stock based compensation — — — — 88 — — 2,866 — 2,954
Issuance of Class B common
stock — — 39 — — — — — — —
Sale of Class A common
stock in initial public
offering, net of $42,109 in
issuance costs and
underwriters’ discount 23,567,686 24 — — 570,627 — — — — 570,651
Purchase PBF Energy
Company LLC units from
former controlling interest
holders — — — — (570,650) — — (510) — (571,160)
Record deferred tax assets
and liabilities and tax
receivable agreement
obligation — — — — (39,432) — — — — (39,432)
Record initial allocation of
non-controlling interest upon
completion of initial public
offering — — — — 457,202 — 8,689 (1,759,868) 1,293,977 —
Exchange of PBF Energy
Company LLC Series A
Units for Class A common
stock 3,535 — 2 — — — — — — —
Noncontrolling Interest ———— —— 191 — (191)—
Balance, December 31, 2012 23,571,221 24 41 — 417,835 1,956 (61) — 1,303,791 1,723,545
Comprehensive income — — — — — 39,540 (5,597) — 174,545 208,488
Exercise of PBF Energy
Company LLC warrants and
options — — — — — — — — 1,757 1,757
Distributions to PBF Energy
Company LLC members — — — — — — — — (157,745) (157,745)
Stock based compensation 60,392 — — — 2,444 — — — 1,309 3,753
Dividends — — — — — (37,917) — — — (37,917)
Record effect of Secondary
Offering on deferred tax
assets and liabilities and tax
receivable agreement
obligation — — — — (26,625) — — — — (26,625)
Effects of Secondary
Offering 15,950,000 16 — — 263,845 — (3,600) — (260,261) —
Exchange of PBF Energy
Company LLC Series A
Units for Class A common
stock 83,860 — (1) — — — — — — —
Noncontrolling Interest — — — — — — 2,270 — (2,270) —
Balance, December 31, 2013 39,665,473 $ 40 40 $ — $ 657,499 $ 3,579 $ (6,988) $ — $ 1,061,126 $1,715,256