NET INCOME PER SHARE OF PBF ENERGY

The following table sets forth the computation of basic and diluted net income per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented:



	Year Ended December 31,
Basic Earnings Per Share:	2018			2017			2016
Allocation of earnings:
Net income attributable to PBF Energy Inc. stockholders	$	128,315		$	415,517		$	170,811
Less: Income allocated to participating securities	748			1,043			—
Income available to PBF Energy Inc. stockholders - basic	$	127,567		$	414,474		$	170,811
Denominator for basic net income per PBF Energy Class A common share-weighted average shares	115,190,262			109,779,407			98,334,302
Basic net income attributable to PBF Energy per Class A common share	$	1.11		$	3.78		$	1.74

Diluted Earnings Per Share:
Numerator:
Income available to PBF Energy Inc. stockholders - basic	$	127,567		$	414,474		$	170,811
Plus: Net income attributable to noncontrolling interest ⁽¹⁾	4,668			16,746			14,903
Less: Income tax expense on net income attributable to noncontrolling interest ⁽¹⁾	(1,214		)	(6,633		)	(5,821		)
Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders ⁽¹⁾	$	131,021		$	424,587		$	179,893

Denominator ⁽¹⁾:
Denominator for basic net income per PBF Energy Class A common share-weighted average shares	115,190,262			109,779,407			98,334,302
Effect of dilutive securities:
Conversion of PBF LLC Series A Units	1,938,089			3,823,783			4,865,133
Common stock equivalents ⁽²⁾	1,645,255			295,655			407,274
Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares	118,773,606			113,898,845			103,606,709
Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share	$	1.10		$	3.73		$	1.74

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(1)

The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. 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 26.0%, 39.6% and 39.1% annualized statutory corporate tax rate for the years ended December 31, 2018, 2017 and 2016) attributable to the converted units.

(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 performance share 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 exclude the effects of options and warrants to purchase 1,293,242, 6,820,275 and 5,701,750 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the years ended December 31, 2018, 2017 and 2016, respectively.