Clean Energy Fuels Corp. Earnings Per Share Disclosure
Note 17 —Net Loss Per Share
The following table sets forth the computations of basic and diluted earnings (loss) per share for the years ended December 31, 2023, 2024 and 2025 (in thousands, except share and per share amounts):
| 2023 | | 2024 | | 2025 | ||||
Net loss attributable to Clean Energy Fuels Corp. |
| $ | (99,497) |
| $ | (83,070) |
| $ | (222,024) |
Weighted-average common shares outstanding | 222,904,785 | 223,346,127 | 220,648,541 | ||||||
Dilutive effect of potential common shares from restricted stock units, stock options and stock warrants | — | — | — | ||||||
Weighted-average common shares outstanding - diluted | 222,904,785 | 223,346,127 | 220,648,541 | ||||||
Basic loss per share | $ | (0.45) | $ | (0.37) | $ | (1.01) | |||
Diluted loss per share | $ | (0.45) | $ | (0.37) | $ | (1.01) | |||
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.
(in shares) |
| 2023 |
| 2024 |
| 2025 |
Stock options |
| 17,825,577 |
| 20,155,612 |
| 18,776,692 |
Stonepeak warrant shares |
| 20,000,000 |
| 20,028,918 |
| 20,058,269 |
Restricted stock units |
| 399,709 | 1,928,600 | 4,263,578 | ||
Amazon warrant shares | 58,767,714 | 58,767,714 | 58,767,714 | |||
Total | 96,993,000 | 100,880,844 | 101,866,253 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 24, 2022 | |
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.