PBF Energy 2013 Annual Report Download - page 139

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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 43
The following table summarizes activity for PBF LLC Series B Units for the years ended December 31, 2013,
2012 and 2011:
Number of
PBF LLC
Series B units
Weighted
Average
Grant Date
Fair Value
Non-vested units at January 1, 2011 712,500 $ 5.11
Allocated 50,000 5.11
Vested (262,500) 5.11
Forfeited — —
Non-vested units at December 31, 2011 500,000 $ 5.11
Allocated — —
Vested (250,000) 5.11
Forfeited — —
Non-vested units at December 31, 2012 250,000 $ 5.11
Allocated — —
Vested (250,000) 5.11
Forfeited — —
Non-vested units at December 31, 2013 — $ —
PBF Energy options
The Company grants awards of its Class A common stock under the 2012 Equity Incentive Plan which authorizes
the granting of various stock and stock-related awards to employees, prospective employees and non-employees.
Awards include options to purchase shares of Class A common stock and restricted Class A common stock that
vest over a period determined by the plan.
A total of 697,500 and 682,500 options to purchase shares of PBF Energy Class A common stock were granted to
certain employees and management of the Company in the year ended December 31, 2013 and 2012, respectively.
The PBF Energy options vest over equal annual installments on each of the first four 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 PBF Energy options granted during the years ended December 31, 2013 and 2012 was
determined using the Black-Scholes pricing model with the following weighted average assumptions:
December 31,
2013
December 31,
2012
Expected life (in years) 6.25 6.25
Expected volatility 52.1% 51.0%
Dividend yield 4.43% 3.01%
Risk-free rate of return 1.53% 0.89%
Exercise price $ 27.79 $ 26.00