NOTE 5:

Earnings Per Share

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 stock options, variable restricted shares and variable performance shares. 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 June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(In thousands, except per share data)

Earnings attributable to HollyFrontier stockholders	$	192,235	$	66,162	$	276,929	$	38,068

Average number of shares of common stock outstanding		53,365		53,206		53,336		53,152
Effect of dilutive stock options, variable restricted shares and performance share units		305		202		307		223

Average number of shares of common stock outstanding assuming dilution		53,670		53,408		53,643		53,375


Basic earnings per share	$	3.60	$	1.24	$	5.19	$	0.72

Diluted earnings per share	$	3.58	$	1.24	$	5.16	$	0.71