XML 88 R73.htm IDEA: XBRL DOCUMENT v3.21.2
NET INCOME (LOSS) PER SHARE OF PBF ENERGY (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Basic Earnings Per Share:        
Net income attributable to PBF Energy $ 59.1 $ (417.2) $ 65.7 $ (1,094.0)
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic $ 0.0 $ 0.0 $ 0.0 $ 0.1
Denominator for basic net income per Class A common share-weighted average shares (in shares) [1] 120,268,046 119,684,030 120,230,369 119,561,388
Basic net income attributable to PBF Energy per Class A common share (in usd per share) $ 0.49 $ (3.49) $ 0.55 $ (9.15)
Net Income (Loss) Available to Common Stockholders, Basic $ 59.1 $ (417.2) $ 65.7 $ (1,094.1)
Diluted Earnings Per Share:        
Plus: Net income attributable to noncontrolling interest [1] 0.7 0.0 0.7 (13.6)
Less: Income tax on net income attributable to noncontrolling interest [1] (0.2) 0.0 (0.2) 3.6
Numerator for diluted net income per Class A common share [1] $ 59.6 $ (417.2) $ 66.2 $ (1,104.1)
Denominator for basic net income per Class A common share-weighted average shares (in shares) [1] 120,268,046 119,684,030 120,230,369 119,561,388
Effect of dilutive securities:        
Conversion of PBF LLC Series A Units (in shares) [2] 994,192 0 989,314 1,066,849
Effect of dilutive securities on common stock equivalents (in shares) [2] 91,851 0 387,524 0
Denominator for diluted net income (loss) per PBF Energy Class A common share-adjusted weighted average shares (in shares) 121,354,089 119,684,030 121,607,207 120,628,237
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) $ 0.49 $ (3.49) $ 0.54 $ (9.15)
Statutory tax rate 26.60% 26.30% 26.60% 26.30%
Stock Options [Member]        
Effect of dilutive securities:        
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) 11,113,779 12,358,105 11,041,279 12,152,756
[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 26.6% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2021 and a 26.3% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2020), 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 11,113,779 and 11,041,279 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2021, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 12,358,105 and 12,152,756 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2020, respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.