Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

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 and nine months ended September 30, 2021 and 2022 (in thousands except share and per share amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2022		2021		2022
Net loss attributable to Clean Energy Fuels Corp.	$	(3,934)	$	(8,973)	$	(90,770)	$	(46,399)
Weighted-average common shares outstanding		223,008,202		222,239,376		209,771,584		222,409,802
Dilutive effect of potential common shares from restricted stock units, stock options and stock warrants		—		—		—		—
Weighted-average common shares outstanding - diluted		223,008,202		222,239,376		209,771,584		222,409,802
Basic and diluted loss per share	$	(0.02)	$	(0.04)	$	(0.43)	$	(0.21)

The following potentially dilutive securities have been excluded from the diluted net 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				Nine Months Ended
	September 30,				September 30,
	2021		2022		2021		2022
Stock options		8,896,688		16,170,384		8,896,688		16,170,384
Restricted stock units		1,241,306		680,191		1,241,306		680,191
Amazon warrant shares		58,767,714		58,767,714		58,767,714		58,767,714
Total		68,905,708		75,618,289		68,905,708		75,618,289