The following table sets forth the computation of basic and diluted net income per Class A common share attributable to PBF Energy for the periods presented:



	Year Ended December 31,
Basic Earnings Per Share:	2017			2016			2015
Allocation of earnings:
Net income attributable to PBF Energy Inc. stockholders	$	415,517		$	170,811		$	146,401
Less: Income allocated to participating securities	1,043			—			—
Income available to PBF Energy Inc. stockholders - basic	$	414,474		$	170,811		$	146,401
Denominator for basic net income per Class A common share-weighted average shares	109,779,407			98,334,302			88,106,999
Basic net income attributable to PBF Energy per Class A common share	$	3.78		$	1.74		$	1.66

Diluted Earnings Per Share:
Numerator:
Income available to PBF Energy Inc. stockholders - basic	$	414,474		$	170,811		$	146,401
Plus: Net income attributable to noncontrolling interest ⁽¹⁾	16,746			14,903			14,257
Less: Income tax expense on net income attributable to noncontrolling interest ⁽¹⁾	(6,633		)	(5,821		)	(5,646		)
Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders ⁽¹⁾	$	424,587		$	179,893		$	155,012

Denominator ⁽¹⁾:
Denominator for basic net income per Class A common share-weighted average shares	109,779,407			98,334,302			88,106,999
Effect of dilutive securities:
Conversion of PBF LLC Series A Units	3,823,783			4,865,133			5,530,568
Common stock equivalents ⁽²⁾	295,655			407,274			501,283
Denominator for diluted net income per Class A common share-adjusted weighted average shares	113,898,845			103,606,709			94,138,850
Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share	$	3.73		$	1.74		$	1.65

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(1)

The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax (based on a 39.6%, 39.1% and 39.6% statutory tax rate for the years ended December 31, 2017, 2016 and 2015) attributable to the converted units.

(2)

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 (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of options and warrants to purchase 6,820,275, 5,701,750 and 2,943,750 shares of PBF Energy Class A common stock because they are anti-dilutive for the years ended December 31, 2017, 2016 and 2015, respectively.