Cheniere Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share Attributable to Common Stockholders

Net Income (Loss) Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2019

Net Income (Loss) Per Share Attributable to Common Stockholders

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic net income (loss) per share attributable to common stockholders (“EPS”) excludes dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued. The dilutive effect of unvested stock is calculated using the treasury-stock method and the dilutive effect of convertible securities is calculated using the if-converted method.

The following table reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2019 and 2018 (in millions, except per share data):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Weighted average common shares outstanding:
Basic	256.0			247.2		256.8			241.9
Dilutive unvested stock	—			3.0		—			2.7
Diluted	256.0			250.2		256.8			244.6

Basic net income (loss) per share attributable to common stockholders	$	(1.25	)	$	0.26	$	(1.13	)	$	1.67
Diluted net income (loss) per share attributable to common stockholders	$	(1.25	)	$	0.26	$	(1.13	)	$	1.65

Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Unvested stock (1)	3.9	2.0	3.9	2.3
Convertible notes (2)	42.2	17.3	42.2	17.1
Total potentially dilutive common shares	46.1	19.3	46.1	19.4


(1)	Does not include 0.6 million shares for each of the three and nine months ended September 30, 2019 and 0.4 million shares for each of the three and nine months ended September 30, 2018 of unvested stock because the performance conditions had not yet been satisfied as of September 30, 2019 and 2018, respectively.

(2)

Includes number of shares in aggregate issuable upon conversion of the 2021 Cheniere Convertible Unsecured Notes and the 2045 Cheniere Convertible Senior Notes for all periods presented and the 2025 CCH HoldCo II Convertible Senior Notes upon the substantial completion of Train 2 of the CCL Project during the three months ended September 30, 2019.