NET INCOME PER SHARE OF PBF ENERGY

The Company grants certain equity-based compensation awards to employees and non-employee directors that are considered to be participating securities. Due to the presence of participating securities, the Company has calculated net income (loss) per share of PBF Energy Class A common stock using the two-class method.

The following table sets forth the computation of basic and diluted net income (loss) per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented:


(in millions, except share and per share amounts)	Year Ended December 31,
Basic Earnings Per Share:	2025		2024		2023
Allocation of earnings:
Net income (loss) attributable to PBF Energy Inc. stockholders	$	(158.5)	$	(533.8)	$	2,140.5
Less: Income allocated to participating securities	0.1		0.1		—
Income (loss) available to PBF Energy Inc. stockholders - basic	$	(158.6)	$	(533.9)	$	2,140.5
Denominator for basic net income (loss) per PBF Energy Class A common share-weighted average shares	114,052,733		116,248,827		124,953,858
Basic net income (loss) attributable to PBF Energy per Class A common share	$	(1.39)	$	(4.59)	$	17.13

Diluted Earnings Per Share:
Numerator:
Income (loss) available to PBF Energy Inc. stockholders - basic	$	(158.6)	$	(533.9)	$	2,140.5
Plus: Net income (loss) attributable to noncontrolling interest (1)	(2.1)		(6.0)		20.5
Less: Income tax expense (benefit) on net income (loss) attributable to noncontrolling interest (1)	0.6		1.6		(5.3)
Numerator for diluted net income (loss) per Class A common share - net income (loss) attributable to PBF Energy Inc. stockholders (1)	$	(160.1)	$	(538.3)	$	2,155.7

Denominator (1):
Denominator for basic net income (loss) per PBF Energy Class A common share-weighted average shares	114,052,733		116,248,827		124,953,858
Effect of dilutive securities:
Conversion of PBF LLC Series A Units	862,780		862,780		899,519
Common stock equivalents (2)	—		—		4,656,071

Denominator for diluted net income (loss) per PBF Energy Class A common share-adjusted weighted average shares	114,915,513		117,111,607		130,509,448
Diluted net income (loss) attributable to PBF Energy Inc. stockholders per Class A common share	$	(1.39)	$	(4.60)	$	16.52

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(1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income (loss) attributable to PBF Energy used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income (loss), as well as the corresponding income tax (benefit) expense (based on a 26.0% annualized statutory corporate tax rate for the years ended December 31, 2025, 2024 and 2023, respectively) attributable to the converted units.

(2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and PSUs and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 6,771,051, 4,413,417 and 18,431 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the years ended December 31, 2025, 2024 and 2023, respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

PBF Energy Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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