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NONCONTROLLING INTEREST OF PBF ENERGY (Tables)
 9 Months Ended
Sep. 30, 2013
Noncontrolling Interest [Abstract]  
The ownership percentage in PBF LLC
The noncontrolling interest ownership percentage as of September 30, 2013, June 12, 2013 (the completion date of the Secondary Offering) and December 31, 2012 is calculated as follows:
 
 
Holders of
PBF LLC Series
A Units
 
Outstanding Shares
of PBF Energy
Class A
Common
Stock
 
Total *
December 31, 2012
72,972,131

 
23,571,221

 
96,543,352

 
75.6
%
 
24.4
%
 
100
%
June 12, 2013
57,027,225

 
39,563,835

 
96,591,060

 
59.0
%
 
41.0
%
 
100
%
September 30, 2013
57,237,488

 
39,581,613

 
96,819,101

 
59.1
%
 
40.9
%
 
100
%
——————————
*
Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.
Summary of the allocation of equity between the controlling and noncontrolling interests of PBF Energy
The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2013:
 
 
PBF Energy Inc. Equity
 
Noncontrolling
Interest
 
Total Equity
Balance at January 1, 2013
$
419,754

 
$
1,303,791

 
$
1,723,545

Net income
8,384

 
103,604

 
111,988

Dividend and distributions
(26,042
)
 
(140,457
)
 
(166,499
)
Record deferred tax asset and liabilities and tax receivable agreement associated with Secondary Offering
(23,654
)
 
—

 
(23,654
)
Record allocation of non controlling interest upon completion of Secondary Offering
260,243

 
(260,243
)
 
—

Stock-based compensation
1,636

 
1,114

 
2,750

Exercise of PBF LLC options and warrants, net
—

 
375

 
375

Other comprehensive income
167

 
164

 
331

Exchange of PBF LLC Series A Units for Class A common stock
16

 
(16
)
 
—

Balance at September 30, 2013
$
640,504

 
$
1,008,332

 
$
1,648,836