NOTE 5: 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 stock options, variable restricted shares and variable performance shares. The average number of shares of common stock and per share amounts have been adjusted to reflect the two-for-one stock split effective August 31, 2011. 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,
	2011		2010		2011		2010
	(In thousands, except per share data)
Earnings attributable to HollyFrontier stockholders	$	523,088	$	51,177	$	800,017	$	89,245

Average number of shares of common stock outstanding		209,583		106,420		141,353		106,344
Effect of dilutive stock options, variable restricted shares and performance share units ⁽¹⁾		996		714		739		718

Average number of shares of common stock outstanding assuming dilution		210,579		107,134		142,092		107,062

Basic earnings per share	$	2.50	$	0.48	$	5.66	$	0.84

Diluted earnings per share	$	2.48	$	0.48	$	5.63	$	0.83

(1) Excludes anti-dilutive restricted and performance share units of:			39				—				179				—