Earnings Per Share

Basic earnings per share is calculated as net income (loss) 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 (loss) attributable to HollyFrontier stockholders:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(In thousands, except per share data)
Net income (loss) attributable to HollyFrontier stockholders	$	272,014	$	74,497	$	284,313	$	(313,618	)
Participating securities’ (restricted stock) share in earnings	1,735		275		1,822		647
Net income (loss) attributable to common shares	$	270,279	$	74,222	$	282,491	$	(314,265	)
Average number of shares of common stock outstanding	176,149		175,871		176,143		176,157
Effect of dilutive variable restricted shares andperformance share units ⁽¹⁾	381		122		473		—
Average number of shares of common stock outstanding assuming dilution	176,530		175,993		176,616		176,157
Basic earnings (loss) per share	$	1.53	$	0.42	$	1.60	$	(1.78	)
Diluted earnings (loss) per share	$	1.53	$	0.42	$	1.60	$	(1.78	)
⁽¹⁾ Excludes anti-dilutive restricted and performance share units of:	104		204		120		188