NET INCOME PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Computation of basic and diluted net income (loss) per common share

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


(in millions, except share and per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
Basic Earnings Per Share:	2024		2023		2024		2023
Allocation of earnings:
Net income (loss) attributable to PBF Energy Inc. stockholders	$	(65.2)	$	1,020.4	$	41.4	$	1,402.5
Less: Income allocated to participating securities	—		—		—		—
Income (loss) available to PBF Energy Inc. stockholders - basic	$	(65.2)	$	1,020.4	$	41.4	$	1,402.5
Denominator for basic net income (loss) per Class A common share - weighted average shares	117,043,158		125,288,452		118,965,510		127,028,449
Basic net income (loss) attributable to PBF Energy per Class A common share	$	(0.56)	$	8.14	$	0.35	$	11.04

Diluted Earnings Per Share:
Numerator:
Income (loss) available to PBF Energy Inc. stockholders - basic	$	(65.2)	$	1,020.4	$	41.4	$	1,402.5
Plus: Net income (loss) attributable to noncontrolling interest (1)	(0.8)		9.9		0.1		13.4
Less: Income tax expense (benefit) (1)	0.2		(2.6)		—		(3.5)
Numerator for diluted net income (loss) per PBF Energy Class A common share - net income (loss) attributable to PBF Energy Inc. stockholders (1)	$	(65.8)	$	1,027.7	$	41.5	$	1,412.4

Denominator: (1)
Denominator for basic net income (loss) per PBF Energy Class A common share-weighted average shares	117,043,158		125,288,452		118,965,510		127,028,449
Effect of dilutive securities: (2)
Conversion of PBF LLC Series A Units	862,780		910,457		862,780		910,457
Common stock equivalents	—		4,247,093		4,366,865		4,489,701
Denominator for diluted net income (loss) per PBF Energy Class A common share-adjusted weighted average shares	117,905,938		130,446,002		124,195,155		132,428,607
Diluted net income (loss) attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share	$	(0.56)	$	7.88	$	0.33	$	10.67

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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 (loss) attributable to PBF Energy used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income (loss), as well as the corresponding income tax expense (benefit) (based on a 26.0% estimated annualized statutory corporate tax rate for both the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023), 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 performance share units and options and warrants to purchase 5,306,955 PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three months ended June 30, 2024 (zero shares for the six months ended June 30, 2024). Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 1,057,673 and 1,130,197 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and six months ended June 30, 2023. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.