Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

v3.20.2
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2020 and 2019 (in millions, except per share data):
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Weighted average common shares outstanding:    
Basic 252.2  256.0  252.5  256.8 
Dilutive unvested stock —  —  0.7  — 
Diluted 252.2  256.0  253.2  256.8 
Basic and diluted net income (loss) per share attributable to common stockholders $ (1.84) $ (1.25) $ 0.43  $ (1.13)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
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,
2020 2019 2020 2019
Unvested stock (1) 3.1  3.9  2.4  3.9 
Convertible notes
2021 Cheniere Convertible Unsecured Notes (2) —  13.3  —  13.3 
2025 CCH HoldCo II Convertible Senior Notes (3) —  24.4  —  24.4 
2045 Cheniere Convertible Senior Notes 4.5  4.5  4.5  4.5 
Total potentially dilutive common shares 7.6  46.1  6.9  46.1 
(1)Does not include 0.7 million shares for each of the three and nine months ended September 30, 2020 and 0.6 million shares for each of the three and nine months ended September 30, 2019, respectively, of unvested stock because the performance conditions had not yet been satisfied as of the respective dates.
(2)Since we have the intent and ability to settle the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes in cash and the excess conversion premium (the “conversion spread”) in either cash or shares, the treasury stock method was applied for calculating any potential dilutive effect of the conversion spread on net income per share for the three and nine months ended September 30, 2020. However, since the average market
price of our common stock did not exceed the conversion price of our 2021 Cheniere Convertible Unsecured Notes, the conversion spread was excluded from the computation of diluted net income per share for the three and nine months ended September 30, 2020.(3)Since we redeemed the remaining principal amount of the 2025 CCH HoldCo II Convertible Senior Notes and the related premium in cash, as described in Note 10—Debt, the 2025 CCH HoldCo II Convertible Senior Notes were not included in the computation of net income per share for the three and nine months ended September 30, 2020. There were no shares related to the conversion of the 2025 CCH HoldCo II Convertible Senior Notes included in the computation of diluted net loss per share for the three and nine months ended September 30, 2019, because the substantive non-market based contingencies underlying the eligible conversion date were not met as of September 30, 2019