Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

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,
	2019		2018		2019		2018
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	196,915	$	345,507	$	449,970	$	613,598
Participating securities’ (restricted stock) share in earnings	283		1,196		647		2,147
Net income attributable to common shares	$	196,632	$	344,311	$	449,323	$	611,451
Average number of shares of common stock outstanding	169,356		175,899		170,100		176,256
Effect of dilutive variable restricted shares and performance share units (1)	1,191		1,687		1,164		1,564
Average number of shares of common stock outstanding assuming dilution	170,547		177,586		171,264		177,820
Basic earnings per share	$	1.16	$	1.96	$	2.64	$	3.47
Diluted earnings per share	$	1.15	$	1.94	$	2.62	$	3.44
(1) Excludes anti-dilutive restricted and performance share units of:	160		648		131		753