Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Basic earnings per share (or "EPS") is computed by dividing net income (loss) by the weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income (loss) attributable to Delek, as adjusted for changes to income that would result from the assumed settlement of the dilutive equity instruments included in diluted weighted average common shares outstanding, by the diluted weighted average common shares outstanding. For all periods presented, we have outstanding various equity-based compensation awards that are considered in our diluted EPS calculation (when to do so would be dilutive), and is inclusive of awards disclosed in Note 16 to these condensed consolidated financial statements. For those instruments that are indexed to our common stock, they are generally dilutive when the market price of the underlying indexed share of common stock is in excess of the exercise price.

The following table sets forth the computation of basic and diluted earnings per share.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021 (1)		2022		2021 (1)
Numerator:
Numerator for EPS
Net income (loss)	$	16.8	$	20.6	$	400.2	$	(90.2)
Less: Income attributed to non-controlling interest	9.4		8.8		24.4		24.7
Numerator for basic and diluted EPS attributable to Delek	$	7.4	$	11.8	$	375.8	$	(114.9)








Denominator:
Weighted average common shares outstanding (denominator for basic EPS)	70,471,645		74,074,446		71,494,332		73,930,925


Dilutive effect of stock-based awards	637,719		417,730		654,306		—
Weighted average common shares outstanding, assuming dilution (denominator for diluted EPS)	71,109,364		74,492,176		72,148,638		73,930,925
EPS:



Basic income (loss) per share	$	0.11	$	0.16	$	5.26	$	(1.55)



Diluted income (loss) per share	$	0.10	$	0.16	$	5.21	$	(1.55)
The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be antidilutive:
Antidilutive stock-based compensation (because average share price is less than exercise price)	2,138,130		3,711,184		2,380,376		2,967,725
Antidilutive due to loss	—		—		—		605,270
Total antidilutive stock-based compensation	2,138,130		3,711,184		2,380,376		3,572,995

(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. See Note 7 for further discussion.