Earnings Per Share

9 Months Ended

Sep. 30, 2015

Basic earnings per share is calculated as net income attributable to HollyFrontier stockholders divided by the average number of shares of common stock outstanding. Diluted earnings per share assumes, when dilutive, the issuance of the net incremental shares from restricted shares and performance share units. The following is a reconciliation of the components of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	196,322	$	175,006	$	784,022	$	503,496
Participating securities' share in earnings	567		471		2,245		1,416
Net income attributable to common shares	$	195,755	$	174,535	$	781,777	$	502,080
Average number of shares of common stock outstanding	187,208		197,261		191,182		197,895
Effect of dilutive variable restricted shares andperformance share units ⁽¹⁾	136		274		100		201
Average number of shares of common stock outstanding assuming dilution	187,344		197,535		191,282		198,096
Basic earnings per share	$	1.05	$	0.88	$	4.09	$	2.54
Diluted earnings per share	$	1.04	$	0.88	$	4.09	$	2.53
⁽¹⁾ Excludes anti-dilutive restricted and performance share units of:	263		195		335		214