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Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2025

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 options 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 income (loss) per share for the three and six months ended June 30, 2024 and 2025 (in thousands except share and per share amounts):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2024			2025			2024			2025
Net loss attributable to Clean Energy Fuels Corp.		$	(16,293)		$	(20,240)		$	(34,736)		$	(155,207)

Weighted-average common shares outstanding			223,289,936			220,393,997			223,250,123			222,024,912
Dilutive effect of potential common shares from restricted stock units, stock options and stock warrants			—			—			—			—
Weighted-average common shares outstanding - diluted			223,289,936			220,393,997			223,250,123			222,024,912
Basic and diluted loss per share		$	(0.07)		$	(0.09)		$	(0.16)		$	(0.70)

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						Six Months Ended
		June 30,						June 30,
		2024			2025			2024			2025
Stock options			20,430,347			19,538,237			20,430,347			19,538,237
Stonepeak warrant shares			20,017,040			20,050,618			20,017,040			20,050,618
Restricted stock units			1,955,950			4,420,438			1,955,950			4,420,438
Amazon warrant shares			58,767,714			58,767,714			58,767,714			58,767,714
Total			101,171,051			102,777,007			101,171,051			102,777,007