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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of stock-based compensation expense

Stock-based compensation expense included in general and administrative expenses consisted of the following:

 

     Years Ended December 31,  
(in millions)    2019      2018      2017  

PBF Energy options

    $ 15.8      $ 11.5      $ 9.4  

PBF Energy restricted shares

      6.5        7.5        12.1  

PBF Energy performance awards

      8.2        1.2        —    
  

 

 

     

 

 

     

 

 

  
   $ 30.5      $ 20.2      $ 21.5  
  

 

 

     

 

 

     

 

 

  
Weighted average assumptions

The Black-Scholes option-pricing model values used to value stock option awards granted were determined based on the following weighted average assumptions:

 

     December 31, 2019     December 31, 2018     December 31, 2017  

Expected life (in years)

      6.25       6.25       6.25  

Expected volatility

      38.6 %      35.8 %      39.5 % 

Dividend yield

      3.54 %      3.49 %      4.58 % 

Risk-free rate of return

      2.16 %      2.82 %      2.09 % 

Exercise price

    $ 34.11     $ 35.25     $ 26.52  

 
Schedule of share-based payment awards, performance awards, valuation assumptions

The grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions:

 

     December 31, 2019     December 31, 2018  

Expected life (in years)

      2.17 - 2.88       2.17  

Expected volatility

      37.19% - 41.70 %      39.04 % 

Dividend yield

      3.40% - 3.67 %      2.95 % 

Risk-free rate of return

      1.66% - 2.51 %      2.89 % 

Weighted average fair value per PSU

      $27.99     $ 50.23  
Employee Stock Option [Member]  
Summary of share-based compensation activity

The following table summarizes activity for PBF Energy options for the years ended December 31, 2019, 2018 and 2017.

 

     Number of
PBF Energy
Class A
Common
Stock Options		     Weighted
Average
Exercise Price		      Weighted
Average
Remaining
Contractual
Life
(in years)		  

Stock-based awards, outstanding at January 1, 2017

      5,970,625     $ 27.37        8.02  

Granted

      1,638,075       26.52        10.00  

Exercised

      (462,500 )      25.65        —    

Forfeited

      (263,425 )      27.71        —    
  

 

 

    

 

 

     

 

 

  

Outstanding at December 31, 2017

      6,882,775     $ 27.27        7.82  

Granted

      2,500,742       35.25        10.00  

Exercised

      (884,878 )      27.57        —    

Forfeited

      (141,981 )      33.49        —    
  

 

 

    

 

 

     

 

 

  

Outstanding at December 31, 2018

      8,356,658     $ 29.60        7.48  

Granted

      1,899,909       34.11        10.00  

Exercised

      (49,656 )      24.23        —    

Forfeited

      (132,995 )      31.65        —    
  

 

 

    

 

 

     

 

 

  

Outstanding at December 31, 2019

      10,073,916     $ 30.47        7.17  
  

 

 

    

 

 

     

 

 

  

Exercisable and vested at December 31, 2019

      5,345,051     $ 28.37        5.94  

Exercisable and vested at December 31, 2018

      3,531,066     $ 27.39        6.27  

Exercisable and vested at December 31, 2017

      2,958,875     $ 27.58        6.77  

Expected to vest at December 31, 2019

      10,073,916     $ 30.47        7.17  
Restricted Stock [Member]  
Summary of share-based compensation activity

The following table summarizes activity for PBF Energy Restricted Stock:

 

     Number of
PBF Energy
Restricted Class A
Common Stock		      Weighted Average
Grant Date
Fair Value		  

Nonvested at January 1, 2017

      521,369      $ 24.89  

Granted

      762,425        25.86  

Vested

      (172,978 )       24.99  

Forfeited

      (15,100 )       24.18  
  

 

 

     

 

 

  

Nonvested at December 31, 2017

      1,095,716      $ 25.56  

Granted

      58,830        47.24  

Vested

      (345,073 )       26.13  

Forfeited

      (15,519 )       24.18  
  

 

 

     

 

 

  

Nonvested at December 31, 2018

      793,954      $ 26.88  

Granted

      58,324        28.20  

Vested

      (356,204 )       26.68  

Forfeited

      (3,849 )       24.18  
  

 

 

     

 

 

  

Nonvested at December 31, 2019

      492,225      $ 27.21  
  

 

 

     

 

 

  
Performance Share Units [Member]  
Summary of share-based compensation activity

The following table summarizes activity for PBF Energy performance share awards:

 

     Number of
PBF Energy
PSUs		      Weighted Average
Grant Date
Fair Value		  

Nonvested at January 1, 2018

      —        $ —    

Granted

      179,072        50.23  

Forfeited

      —          —    
  

 

 

     

 

 

  

Nonvested at December 31, 2018

      179,072      $ 50.23  

Granted

      181,725        27.99  

Forfeited

      —          —    
  

 

 

     

 

 

  

Nonvested at December 31, 2019

      360,797      $ 39.03  
  

 

 

     

 

 

  
Performance Units [Member]  
Summary of share-based compensation activity

The following table summarizes activity for PBF Energy performance unit awards:

 

     Number of
PBF Energy
Performance Units (in
equivalent $’s)		  

Nonvested at January 1, 2018

      —    

Granted

      7,279,188  

Forfeited

      —    
  

 

 

  

Nonvested at December 31, 2018

      7,279,188  

Granted

      7,751,658  

Forfeited

      —    
  

 

 

  

Nonvested at December 31, 2019

      15,030,846