Earnings Per Share

12 Months Ended

Dec. 31, 2020

Basic earnings per share is calculated as net income (loss) attributable to HollyFrontier stockholders, adjusted for participating securities’ share in earnings divided by the average number of shares of common stock outstanding. Diluted earnings per share includes the incremental shares resulting from our restricted stock units and performance share units if the effect is dilutive. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) attributable to HollyFrontier stockholders:


	Years Ended December 31,
	2020		2019		2018
	(In thousands, except per share data)
Net income (loss) attributable to HollyFrontier stockholders	$	(601,448)	$	772,388	$	1,097,960
Participating securities’ share in earnings	1,811		1,034		3,714
Net income (loss) attributable to common shares	$	(603,259)	$	771,354	$	1,094,246
Average number of shares of common stock outstanding	161,983		166,287		175,009
Effect of dilutive variable restricted stock units and performance share units (1)	—		1,098		1,652
Average number of shares of common stock outstanding assuming dilution	161,983		167,385		176,661
Basic earnings (loss) per share	$	(3.72)	$	4.64	$	6.25
Diluted earnings (loss) per share	$	(3.72)	$	4.61	$	6.19

(1) Excludes anti-dilutive restricted and performance share units of:	1,082		302		238