Note 13—Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to Clean Energy Fuels Corp. by the weighted-average number of common shares outstanding and common shares issuable for little or no cash consideration during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to Clean Energy Fuels Corp. by the weighted-average number of common shares outstanding and common shares issuable for little or no cash consideration during the period and potentially dilutive securities outstanding during the period, and therefore reflects the dilution from common shares that may be issued upon exercise or conversion of these potentially dilutive securities, such as stock options, warrants, convertible notes and restricted stock units. The dilutive effect of stock awards and warrants is computed under the treasury stock method. The dilutive effect of convertible notes and restricted stock units is computed under the if-converted method. Potentially dilutive securities are excluded from the computations of diluted net income (loss) per share if their effect would be antidilutive.

The following table sets forth the computations of basic and diluted earnings (loss) per share for the three months ended March 31, 2019 and 2020 (in thousands except share and per share amounts):


	Three Months Ended
	March 31,
	2019		2020
Net income (loss)	$	(10,946)	$	1,704

Weighted-average common shares outstanding		204,196,669		204,992,555
Dilutive effect of potential common shares from restricted stock units and stock options		—		1,047,544
Weighted-average common shares outstanding - diluted		204,196,669		206,040,099
Basic income (loss) per share	$	(0.05)	$	0.01
Diluted income (loss) per share	$	(0.05)	$	0.01

The following potentially dilutive securities have been excluded from the diluted net income (loss) per share calculations because their effect would have been antidilutive. Although these securities were antidilutive for these periods, they could be dilutive in future periods.


	Three Months Ended
	March 31,
	2019	2020
Stock options	10,300,404	7,536,325
Convertible notes	3,164,557	3,164,557
Restricted stock units	1,305,672	219,241
Total	14,770,633	10,920,123