Earnings Per Share

9 Months Ended

Sep. 30, 2021

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 certain share-based awards. 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,
	2021		2020		2021		2020
	(In thousands, except per share data)
Net income (loss) attributable to HollyFrontier stockholders	$	280,787	$	(2,401)	$	597,854	$	(483,701)
Participating securities’ share in earnings (1)	3,553		—		7,888		—
Net income (loss) attributable to common shares	$	277,234	$	(2,401)	$	589,966	$	(483,701)
Average number of shares of common stock outstanding	162,551		162,015		162,518		161,927

Average number of shares of common stock outstanding assuming dilution	162,551		162,015		162,518		161,927
Basic earnings (loss) per share	$	1.71	$	(0.01)	$	3.63	$	(2.99)
Diluted earnings (loss) per share	$	1.71	$	(0.01)	$	3.63	$	(2.99)

(1) Unvested restricted stock unit awards and unvested performance share units represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HollyFrontier. Participating earnings represent the distributed and undistributed earnings of HollyFrontier attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.