The following table sets forth the computation of basic and diluted net (loss) income per Class A common share attributable to PBF Energy:



	Three Months Ended March 31,
Basic Earnings Per Share:	2016			2015
Numerator for basic net (loss) income per Class A common share - net (loss) income attributable to PBF Energy	$	(29,388	)	$	87,321
Denominator for basic net (loss) income per Class A common share - weighted average shares	97,809,384			84,278,071
Basic net (loss) income attributable to PBF Energy per Class A common share	$	(0.30	)	$	1.04

Diluted Earnings Per Share:
Numerator:
Net (loss) income attributable to PBF Energy	$	(29,388	)	$	87,321
Plus: Net (loss) income attributable to noncontrolling interest ⁽¹⁾	—			7,788
Less: Income tax expense (benefit) on net (loss) income attributable to noncontrolling interest ⁽¹⁾	—			(3,131		)
Numerator for diluted net (loss) income per Class A common share - net income (loss) attributable to PBF Energy ⁽¹⁾	$	(29,388	)	$	91,978

Denominator⁽¹⁾:
Denominator for basic net (loss) income per Class A common share-weighted average shares	97,809,384			84,278,071
Effect of dilutive securities:
Conversion of PBF LLC Series A Units	—			6,866,867
Common stock equivalents ⁽²⁾	—			524,163
Denominator for diluted net (loss) income per common share-adjusted weighted average shares	97,809,384			91,669,101
Diluted net (loss) income attributable to PBF Energy per Class A common share	$	(0.30	)	$	1.00
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(1)

The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. The net (loss) income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net (loss) income, as well as the corresponding income tax expense (benefit) (based on a 39.6% and 40.2% statutory tax rate for the three months ended March 31, 2016 and 2015, respectively) attributable to the converted units. During the three months ended March 31, 2016, the potential conversion of 4,956,417 PBF LLC Series A Units into PBF Energy Class A common stock were excluded from the denominator in computing diluted net income per share because including them would have had an anti-dilutive effect. As the potential conversion of the PBF LLC Series A Units and Common stock equivalents 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 income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Units and Common stock equivalents.

(2)

Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents excludes the effects of options to purchase 4,945,360 and 2,869,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three months ended March 31, 2016 and 2015, respectively.