Earnings Per Share

3 Months Ended

Mar. 31, 2016

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:



	Three Months Ended March 31,
	2016		2015
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	21,253	$	226,876
Participating securities’ share in earnings	216		644
Net income attributable to common shares	$	21,037	$	226,232
Average number of shares of common stock outstanding	176,737		195,069
Effect of dilutive variable restricted shares andperformance share units ⁽¹⁾	47		52
Average number of shares of common stock outstanding assuming dilution	176,784		195,121
Basic earnings per share	$	0.12	$	1.16
Diluted earnings per share	$	0.12	$	1.16
⁽¹⁾ Excludes anti-dilutive restricted and performance share units of:	177		412