Earnings Per Share

9 Months Ended

Sep. 30, 2020

Basic earnings per share is calculated as net income (loss) 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 stock units and performance share units. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) attributable to HollyFrontier stockholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Net income (loss) attributable to HollyFrontier stockholders	$	(2,401)	$	261,813	$	(483,701)	$	711,783
Participating securities’ (restricted stock) share in earnings	—		385		—		1,033
Net income (loss) attributable to common shares	$	(2,401)	$	261,428	$	(483,701)	$	710,750
Average number of shares of common stock outstanding	162,015		163,676		161,927		167,935
Effect of dilutive variable restricted stock units and performance share units (1)	—		1,335		—		1,190
Average number of shares of common stock outstanding assuming dilution	162,015		165,011		161,927		169,125
Basic earnings (loss) per share	$	(0.01)	$	1.60	$	(2.99)	$	4.23
Diluted earnings (loss) per share	$	(0.01)	$	1.58	$	(2.99)	$	4.20
(1) Excludes anti-dilutive restricted and performance share units of:	566		109		550		120