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 September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	342,466	$	272,014	$	956,064	$	284,313
Participating securities’ (restricted stock) share in earnings	1,171		1,735		3,321		1,822
Net income attributable to common shares	$	341,295	$	270,279	$	952,743	$	282,491
Average number of shares of common stock outstanding	175,097		176,149		175,865		176,143
Effect of dilutive variable restricted shares andperformance share units ⁽¹⁾	1,830		381		1,692		473
Average number of shares of common stock outstanding assuming dilution	176,927		176,530		177,557		176,616
Basic earnings per share	$	1.95	$	1.53	$	5.42	$	1.60
Diluted earnings per share	$	1.93	$	1.53	$	5.37	$	1.60
⁽¹⁾ Excludes anti-dilutive restricted and performance share units of:	—		104		2		120