NONCONTROLLING INTEREST OF PBF ENERGY (Tables)

3 Months Ended

Mar. 31, 2014

Noncontrolling Interest [Abstract]

The ownership percentage in PBF LLC

The noncontrolling interest ownership percentage as of March 31, 2014, March 26, 2014 (the completion date of the March 2014 secondary offering) and January 10, 2014 (the completion date of the January 2014 secondary offering) and December 31, 2013 is calculated as follows:

	Holders of PBF LLC Series A Units		Outstanding Shares of PBF Energy Class A Common Stock		Total *
December 31, 2013	57,201,674		39,665,473		96,867,147
	59.1	%	40.9	%	100	%
January 10, 2014	42,201,674		54,665,473		96,867,147
	43.6	%	56.4	%	100	%
March 26, 2014	27,213,374		69,670,192		96,883,566
	28.1	%	71.9	%	100	%
March 31, 2014	27,213,374		69,670,192		96,883,566
	28.1	%	71.9	%	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 three months ended March 31, 2014:

	PBF Energy Inc. Equity			Noncontrolling Interest			Total Equity
Balance at January 1, 2014	$	654,130		$	1,061,126		$	1,715,256
Comprehensive income	77,621			105,897			183,518
Dividend and distributions	(16,401		)	(13,260		)	(29,661		)
Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings	(60,526		)	—			(60,526		)
Record allocation of noncontrolling interest upon completion of secondary offerings	596,758			(596,758		)	—
Stock-based compensation	1,198			222			1,420
Exercise of PBF LLC options and warrants, net	—			116			116
Balance at March 31, 2014	$	1,252,780		$	557,343		$	1,810,123