PBF Energy 2013 Annual Report Download - page 148

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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- 52
19. NET INCOME PER SHARE OF PBF ENERGY
The following table sets forth the computation of basic and diluted net income (loss) per Class A common share
attributable to PBF Energy for the periods subsequent to the IPO:
Year Ended December 31,
Basic Earnings Per Share: 2013 2012
Numerator for basic net income per Class A common share net income
attributable to PBF Energy $ 39,540 $ 1,956
Denominator for basic net income per Class A common share-weighted
average shares 32,488,369 23,570,240
Basic net income attributable to PBF Energy per Class A common share $ 1.22 $ 0.08
Diluted Earnings Per Share:
Numerator:
Net income attributable to PBF Energy Inc. $ 39,540 $ 1,956
Plus: Net income attributable to noncontrolling interest (1) — 10,005
Less: Income tax on net income per Class A common share (1) —(3,948)
Numerator for diluted net income per Class A common share net income
attributable to PBF Energy (1) $ 39,540 $ 8,013
Denominator (1):
Denominator for basic net income per Class A common share-weighted
average shares 32,488,369 23,570,240
Effect of dilutive securities:
Conversion of PBF LLC Series A Units — 72,972,131
Common stock equivalents (2) 572,712 688,533
Denominator for diluted net income per common share-adjusted
weighted average shares 33,061,081 97,230,904
Diluted net income attributable to PBF Energy per Class A common
share $ 1.20 $ 0.08
——————————
(1) The diluted earnings per share calculation for the year ended December 31, 2012, 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. For the year ended
December 31, 2013, the potential conversion of 64,164,045 PBF LLC Series A Units was excluded
from the denominator in computing diluted net income per share because including them would have
had an antidilutive effect. As the PBF LLC Series A Units were not included, the numerator used in
the calculation of diluted net income per share was equal to the numerator used in the calculation of
basic net income per share and does not include the net income and related income tax expense
associated with the potential conversion of the PBF LLC Series A Units.