NET INCOME PER SHARE OF PBF ENERGY

12 Months Ended

Dec. 31, 2013

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.

(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. Common stock equivalents excludes the effects of options to purchase 1,320,000 and 682,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the years ended December 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for earnings per share.

+ References+ Details