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