Basic earnings per share is calculated as Net income attributable to HF Sinclair stockholders, adjusted for participating securities’ share in earnings divided by the weighted-average number of shares of common stock outstanding. Diluted earnings per share reflects the dilutive effect of the incremental shares resulting from certain share-based awards.

The following is a reconciliation of the denominators of the basic and diluted per share computations for Net income attributable to HF Sinclair stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(In millions, except share and per share data)
Net income attributable to HF Sinclair stockholders	$	892	$	208	$	1,540	$	204
Less: participating securities’ share in earnings (1)	7		2		13		2
Net income attributable to common shares	$	885	$	206	$	1,527	$	202

Average number of common shares outstanding (in thousands):
Basic	179,417		188,110		180,032		188,298
Diluted	179,417		188,110		180,032		188,298

Basic earnings per share	$	4.93	$	1.10	$	8.48	$	1.07
Diluted earnings per share	$	4.93	$	1.10	$	8.48	$	1.07

(1)Unvested restricted stock unit awards and unvested performance share units that settle in HF Sinclair common stock represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HF Sinclair. Participating earnings represent the distributed and undistributed earnings of HF Sinclair attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.