XML 74 R63.htm IDEA: XBRL DOCUMENT v3.24.2.u1
NET INCOME PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Basic Earnings Per Share:        
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 0.0 0.0 0.0 0.0
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 (in shares) [1] 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 (in dollars per share) $ (0.56) $ 8.14 $ 0.35 $ 11.04
Diluted Earnings Per Share:        
Plus: Net income attributable to noncontrolling interest [1] $ (0.8) $ 9.9 $ 0.1 $ 13.4
Less: Income tax expense (benefit) [1] 0.2 (2.6) 0.0 (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) [1] $ (65.8) $ 1,027.7 $ 41.5 $ 1,412.4
Denominator for basic net income (loss) per Class A common share-weighted average shares (in shares) [1] 117,043,158 125,288,452 118,965,510 127,028,449
Effect of dilutive securities:        
Conversion of PBF LLC Series A Units (in shares) [2] 862,780 910,457 862,780 910,457
Common stock equivalents (in shares) [2] 0 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 (in shares) 117,905,938 130,446,002 124,195,155 132,428,607
Diluted net income (loss) attributable to PBF Energy per Class A common share (in dollars per share) $ (0.56) $ 7.88 $ 0.33 $ 10.67
Statutory tax rate 26.00% 26.00% 26.00% 26.00%
Stock Options        
Effect of dilutive securities:        
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) 5,306,955 1,057,673 0 1,130,197
[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.