Earnings Per Share

12 Months Ended

Dec. 31, 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 denominators of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:



	Years Ended December 31,
	2015		2014		2013
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	740,101	$	281,292	$	735,842
Participating securities' share in earnings	2,306		820		2,754
Net income attributable to common shares	$	737,795	$	280,472	$	733,088
Average number of shares of common stock outstanding	188,731		197,243		200,419
Effect of dilutive variable restricted shares andperformance share units⁽¹⁾	209		185		815
Average number of shares of common stock outstanding assuming dilution	188,940		197,428		201,234
Basic earnings per share	$	3.91	$	1.42	$	3.66
Diluted earnings per share	$	3.90	$	1.42	$	3.64

(1) Excludes anti-dilutive restricted and performance share units of:	89		356		166