STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense included in general and administrative expenses consisted of the following:

	Years Ended December 31,
	2013		2012		2011
PBF LLC Series A Unit compensatory warrants and options	$	779	$	1,589	$	1,135
PBF LLC Series B Units	530		1,277		1,381
PBF Energy options	2,444		88		—
	$	3,753	$	2,954	$	2,516

Weighted average assumptions

The estimated fair value of compensatory PBF LLC Series A warrants and options granted during the years ended December 31, 2012 and 2011 was determined using the Black-Scholes pricing model with the following weighted average assumptions:

	Years Ended December 31,
	2012			2011
Expected life (in years)	6.00			5.75
Expected volatility	55.00		%	40.00		%
Dividend yield	1.00		%	1.06		%
Risk-free rate of return	0.91		%	2.43		%
Exercise price	$	12.55		$	10.00

The estimated fair value of PBF Energy options granted during the years ended December 31, 2013 and 2012 was determined using the Black-Scholes pricing model with the following weighted average assumptions:

	December 31, 2013			December 31, 2012
Expected life (in years)	6.25			6.25
Expected volatility	52.1		%	51.0		%
Dividend yield	4.43		%	3.01		%
Risk-free rate of return	1.53		%	0.89		%
Exercise price	$	27.79		$	26.00

Summary of Share-based compensation activity

The following table summarizes activity for PBF Energy options for the year ended December 31, 2013 and 2012. There were no options granted, exercised or forfeited prior to 2012.

	Number of PBF Energy Class A Common Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Stock-based awards, outstanding at January 1, 2012	—		$	—	—
Granted	682,500		26.00		10.00
Exercised	—		—		—
Forfeited	—		—		—
Outstanding at December 31, 2012	682,500		$	26.00	9.95
Granted	697,500		$	27.79	10.00
Exercised	—		—		—
Forfeited	(60,000	)	25.36		—
Outstanding at December 31, 2013	1,320,000		26.97		9.33
Exercisable and vested at December 31, 2013	158,125		$	26.00	8.95
Exercisable and vested at December 31, 2012	—		$	—	—
Expected to vest at December 31, 2013	1,320,000		$	26.97	9.33

The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2013, 2012 and 2011:

	Number of PBF LLC Series A Compensatory Warrants and Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Stock-based awards, outstanding January 1, 2011	691,320		$	10.00	9.74
Granted	1,171,759		10.00		10.00
Exercised	(25,000	)	10.00		—
Forfeited	(2,500	)	10.00		—
Outstanding at December 31, 2011	1,835,579		$	10.00	8.99
Granted	205,000		12.55		10.00
Exercised	(849,186	)	10.00		—
Forfeited	(6,667	)	10.00		—
Outstanding at December 31, 2012	1,184,726		$	10.44	8.23
Granted	—		—		—
Exercised	(301,979	)	10.11		—
Forfeited	(41,668	)	11.27		—
Outstanding at December 31, 2013	841,079		$	10.52	7.40
Exercisable and vested at December 31, 2013	545,247		$	10.24	7.23
Exercisable and vested at December 31, 2012	608,039		$	10.00	8.00
Expected to vest at December 31, 2013	841,079		$	10.52	7.40

Summary of activity for PBF LLC Series B Units

The following table summarizes activity for PBF LLC Series B Units for the years ended December 31, 2013, 2012 and 2011:

	Number of PBF LLC Series B units		Weighted Average Grant Date Fair Value
Non-vested units at January 1, 2011	712,500		$	5.11
Allocated	50,000		5.11
Vested	(262,500	)	5.11
Forfeited	—		—
Non-vested units at December 31, 2011	500,000		$	5.11
Allocated	—		—
Vested	(250,000	)	5.11
Forfeited	—		—
Non-vested units at December 31, 2012	250,000		$	5.11
Allocated	—		—
Vested	(250,000	)	5.11
Forfeited	—		—
Non-vested units at December 31, 2013	—		$	—