Earnings Per Share

3 Months Ended

Mar. 31, 2023

Basic earnings per share is calculated as net income attributable to HF Sinclair stockholders, adjusted for participating securities’ share in earnings divided by the average number of shares of common stock outstanding. Diluted earnings per share includes the incremental shares resulting from certain share-based awards. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HF Sinclair stockholders:


	Three Months Ended March 31,
	2023		2022
	(In thousands, except per share data)
Net income attributable to HF Sinclair stockholders	$	353,266	$	159,974
Participating securities’ share in earnings (1)	2,925		1,983
Net income attributable to common shares	$	350,341	$	157,991
Average number of shares of common stock outstanding	195,445		175,081

Average number of shares of common stock outstanding assuming dilution	195,445		175,081
Basic earnings per share	$	1.79	$	0.90
Diluted earnings per share	$	1.79	$	0.90

(1)Unvested restricted stock unit awards and unvested performance share units that settle in HF Sinclair common stock represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HF Sinclair. Participating earnings represent the distributed and undistributed earnings of HF Sinclair attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.