XML 51 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
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)202320222021
PBF Energy options$11.9 $19.1 $17.3 
PBF Energy restricted shares 17.9 11.6 2.8 
PBF Energy performance awards21.7 13.4 10.2 
$51.5 $44.1 $30.3 
Schedule of Weighted Average Assumptions
 December 31, 2022December 31, 2021
Expected life (in years)6.006.00
Expected volatility87.6 %83.8 %
Dividend yield0.00 %0.00 %
Risk-free rate of return3.24 %1.37 %
Exercise price$29.16 $13.91 
Weighted average fair value per option granted$21.68 $9.84 
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, 2023December 31, 2022December 31, 2021
Expected life (in years)
2.86 - 3.18
3.08
 3.12
Expected volatility
56.68% - 59.98%
65.16%
83.78%
Dividend yield
1.73% - 1.80%
2.18%
0.00%
Risk-free rate of return
4.40% - 4.75%
3.90%
0.87%
Weighted average grant-date fair value per PSU$56.35 $45.91 $18.73
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Share-based Compensation Activity
The following table summarizes activity for PBF Energy options for 2023:
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, 202310,652,274 $24.50 5.96
Exercised(2,901,250)24.65 — 
Forfeited(297,570)36.18 — 
Outstanding at December 31, 20237,453,454 $23.98 5.26
Exercisable and vested at December 31, 20236,653,383 $24.61 5.02
Total expected to vest as of December 31, 20237,453,454 $23.98 5.26
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
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, 2023705,450 $33.92 
Granted645,386 44.90 
Vested(290,915)32.14 
Forfeited(7,415)35.75 
Nonvested at December 31, 20231,052,506 $41.43 
Unrecognized compensation expense related to PBF Energy Restricted Class A common stock at December 31, 2023 was $22.8 million, which will be recognized from 2024 through 2026.
The following table reflects activity related to our restricted stock:
December 31, 2023December 31, 2022December 31, 2021
Weighted-average grant-date fair value per share of restricted stock granted$44.90 $35.73 $16.13 
Fair value of restricted stock vested (in millions)$11.2 $3.3 $3.1 
Performance share units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Share-based Compensation Activity
The following table summarizes activity for PBF Energy performance share awards:
Number of
PBF Energy Performance Share Units (“PSUs”)		Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 2023786,526 $21.02 
Granted197,404 56.35 
Vested(343,978)8.95 
Forfeited(8,509)32.70 
Nonvested at December 31, 2023631,443 $38.48 
Performance Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Share-based Compensation Activity
The following table summarizes activity for PBF Energy performance unit awards:
Number of
PBF Energy
Performance Units
Nonvested at January 1, 202331,454,950 
Granted18,649,445 
Vested(6,036,460)
Forfeited(510,774)
Nonvested at December 31, 202343,557,161