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



	Three Months Ended June 30,						Six Months Ended June 30,
Basic Earnings Per Share:	2016			2015			2016			2015
Numerator for basic net income per Class A common share - net income attributable to PBF Energy	$	103,530		$	135,810		$	74,142		$	223,132
Denominator for basic net income per Class A common share - weighted average shares	97,836,366			86,036,809			97,822,875			85,175,066
Basic net income attributable to PBF Energy per Class A common share	$	1.06		$	1.58		$	0.76		$	2.62

Diluted Earnings Per Share:
Numerator:
Net income attributable to PBF Energy	$	103,530		$	135,810		$	74,142		$	223,132
Plus: Net income attributable to noncontrolling interest ⁽¹⁾	9,399			13,432			6,958			21,220
Less: Income tax expense on net income attributable to noncontrolling interest ⁽¹⁾	(3,722		)	(5,400		)	(2,755		)	(8,530		)
Numerator for diluted net income per Class A common share - net income attributable to PBF Energy ⁽¹⁾	$	109,207		$	143,842		$	78,345		$	235,822

Denominator⁽¹⁾:
Denominator for basic net income per Class A common share-weighted average shares	97,836,366			86,036,809			97,822,875			85,175,066
Effect of dilutive securities:
Conversion of PBF LLC Series A Units	4,947,813			5,129,114			4,952,115			5,980,462
Common stock equivalents ⁽²⁾	494,443			493,983			589,488			499,553
Denominator for diluted net income per common share-adjusted weighted average shares	103,278,622			91,659,906			103,364,478			91,655,081
Diluted net income attributable to PBF Energy per Class A common share	$	1.06		$	1.57		$	0.76		$	2.57
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(1)

The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. 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 expense (based on a 39.6% statutory tax rate for both the three and six months ended June 30, 2016 and 40.2% statutory tax rate for both the three and six months ended June 30, 2015) 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 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 excludes the effects of options to purchase 3,467,125 and 2,919,125 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2016, respectively. Common stock equivalents excludes the effects of options to purchase 2,874,500 and 2,874,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2015, respectively.