Earnings Per Share

Basic earnings per share is calculated as net income attributable to HollyFrontier stockholders divided by the average number of shares of common stock outstanding. Diluted earnings per share assumes, when dilutive, the issuance of the net incremental shares from restricted shares and performance share units. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	345,507	$	57,767	$	613,598	$	12,299
Participating securities’ (restricted stock) share in earnings	1,196		373		2,147		752
Net income attributable to common shares	$	344,311	$	57,394	$	611,451	$	11,547
Average number of shares of common stock outstanding	175,899		176,147		176,256		176,141
Effect of dilutive variable restricted shares andperformance share units ⁽¹⁾	1,687		155		1,564		349
Average number of shares of common stock outstanding assuming dilution	177,586		176,302		177,820		176,490
Basic earnings per share	$	1.96	$	0.33	$	3.47	$	0.07
Diluted earnings per share	$	1.94	$	0.33	$	3.44	$	0.07
⁽¹⁾ Excludes anti-dilutive restricted and performance share units of:	648		140		753		133