Earnings Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Basic earnings per share (or "EPS") is computed by dividing net income (loss) by the weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income (loss), as adjusted for changes to income that would result from the assumed settlement of the dilutive equity instruments included in diluted weighted average common shares outstanding, by the diluted weighted average common shares outstanding. For all years presented, we have outstanding various equity-based compensation awards that are considered in our diluted EPS calculation (when to do so would not be anti-dilutive), and is inclusive of awards disclosed in Note 20 to these consolidated financial statements. For those instruments that are indexed to our common stock, they are generally dilutive when the market price of the underlying indexed share of common stock is in excess of the exercise price.

The following table sets forth the computation of basic and diluted earnings per share.


	Year Ended December 31,
	2021		2020		2019
Numerator:
Numerator for EPS - continuing operations
(Loss) income from continuing operations	$	(170.5)	$	(570.4)	$	331.0
Less: Income from continuing operations attributed to non-controlling interest	33.0		37.6		25.6


Numerator for diluted EPS - continuing operations attributable to Delek	$	(203.5)	$	(608.0)	$	305.4

Numerator for EPS - discontinued operations
Income from discontinued operations, including gain (loss) on sale of discontinued operations	$	—	$	—	$	6.6
Less: Income tax expense	—		—		1.4


Income from discontinued operations attributable to Delek	$	—	$	—	$	5.2

Denominator:
Weighted average common shares outstanding (denominator for basic EPS)	73,984,104		73,598,389		75,853,187


Dilutive effect of stock-based awards	—		—		720,904
Weighted average common shares outstanding, assuming dilution (denominator for diluted EPS)	73,984,104		73,598,389		76,574,091

EPS:
Basic (loss) income per share:
(Loss) income from continuing operations	$	(2.75)	$	(8.26)	$	4.03
Income from discontinued operations	—		—		0.07
Total basic (loss) income per share	$	(2.75)	$	(8.26)	$	4.10
Diluted (loss) income per share:
(Loss) income from continuing operations	$	(2.75)	$	(8.26)	$	3.99
Income from discontinued operations	—		—		0.07
Total diluted (loss) income per share	$	(2.75)	$	(8.26)	$	4.06

The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be anti-dilutive:
Antidilutive stock-based compensation (because average share price is less than exercise price)	2,988,718		3,616,690		1,932,179
Antidilutive due to loss	598,775		466,254		—
Total antidilutive stock-based compensation	3,587,493		4,082,944		1,932,179