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NET INCOME PER SHARE OF PBF ENERGY
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
NET INCOME PER SHARE OF PBF ENERGY
NET INCOME PER SHARE OF PBF ENERGY
The following table sets forth the computation of basic and diluted net income per Class A common share attributable to PBF Energy:

Basic Earnings Per Share:
 
Three Months Ended March 31, 2014
 
Three Months Ended March 31, 2013
Numerator for basic net income per Class A common share net income attributable to PBF Energy
 
$
77,444

 
$
11,406

Denominator for basic net income per Class A common share-weighted average shares
 
54,167,861

 
23,589,687

Basic net income attributable to PBF Energy per Class A common share
 
$
1.43

 
$
0.48

 
 
 
 
 
Diluted Earnings Per Share:
 
 
 
 
Numerator:
 
 
 
 
Net income attributable to PBF Energy
 
$
77,444

 
$
11,406

Plus: Net income attributable to noncontrolling interest (1)   
 
—

 
58,305

Less: Income tax on net income attributable to noncontrolling interest (2)   
 
—

 
(23,025
)
Numerator for diluted net income per Class A common share net income attributable to PBF Energy
 
$
77,444

 
$
46,686

 
 
 
 
 
Denominator:
 
 
 
 
Denominator for basic net income per Class A common share-weighted average shares
 
54,167,861

 
23,589,687

Effect of dilutive securities:
 
 
 
 
Conversion of PBF LLC Series A Units (3)   
 
—

 
72,972,131

Common stock equivalents (4)  
 
523,766

 
853,758

Denominator for diluted net income per common share-adjusted weighted average shares
 
54,691,627

 
97,415,576

Diluted net income attributable to PBF Energy per Class A common share
 
$
1.42

 
$
0.48

 
——————————
(1)
Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF LLC other than PBF Energy as if such members had fully exchanged their Series A Units for shares of PBF Energy's Class A common stock for the three months ended March 31, 2013. The potential conversion of 42,707,005 PBF LLC Series A Units were excluded from the denominator in computing diluted net income per share for the three months ended March 31, 2014 because including them would have had an antidilutive effect. As the PBF LLC Series A Units were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share and does not include the net income and income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Units.
(2)
Represents an adjustment to apply PBF Energy's statutory tax rate of approximately 39.5% for the three months ended March 31, 2013 to the noncontrolling interest. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in (1) above.
(3)
Represents an adjustment to weighted-average diluted shares to assume the full exchange of existing PBF LLC Series A Units as described in (1) above.
(4)
Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method. Common stock equivalents excludes the effects of options to purchase 1,943,125 and 57,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three months ended March 31, 2014 and March 31, 2013, respectively.