Market Overview

Clean Energy Reports 98.7 Million Gallons Delivered and Revenue of $96.2 Million for Fourth Quarter of 2018

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Clean Energy Fuels Corp. (NASDAQ:CLNE) ("Clean Energy" or the
"Company") today announced its operating results for the fourth quarter
and year ended December 31, 2018.

Andrew J. Littlefair, Clean Energy's President and Chief Executive
Officer, stated: "We're exiting 2018 with good volume growth and
excellent momentum from a successful year. Our operating results for
2018 were the best in the past five years and we finished 2018 with more
cash and investments than debt, this after paying down $185.5 million in
convertible debt during the year leaving us with only $50 million of
convertible debt due in July 2020. We go into 2019 with two of the
largest energy companies in the world, Total and BP, as key partners.
Total is our largest shareholder and has been instrumental in supporting
our exciting Zero Now truck financing program, while during the
fourth quarter we expanded our relationship with BP allowing us to
accelerate and expand the distribution of our Redeem renewable fuel.
These are strong relationships and we're excited for what the future
holds."

The Zero Now truck financing program offers exclusive pricing
that allows fleets to acquire new natural gas trucks for the price of a
diesel truck, a five year engine warranty and a fuel price that is
guaranteed to be less than diesel for at least five years.

The Company delivered 98.7 million gallons in the fourth quarter of
2018, a 14.2% increase from 86.4 million gallons delivered in the fourth
quarter of 2017. This increase was due to growth in CNG and LNG volumes
principally from increased Redeem sales. For the year ended December 31,
2018, the Company delivered 365.5 million gallons, a 4.0% increase from
351.4 million gallons delivered for the year ended December 31, 2017.
This increase was due to growth in CNG volumes partially offset by a
reduction in LNG volumes resulting from the non-renewal of two contracts
and a decrease in RNG volumes for non-vehicle fuel that were included in
contracts sold to BP Products North America, Inc. ("BP") in the
Company's sale of its upstream RNG production business to BP in March
2017 (the "BP Transaction").

The Company's revenue for the fourth quarter of 2018 was $96.2 million,
driven by an increase in volume-related revenue, reflecting higher
volumes delivered and a continued strong demand for renewable natural
gas. Also included in the volume- related revenue for the fourth quarter
of 2018 was $10.3 million of unrealized gains on commodity swap
contracts the Company entered into in connection with the Company's Zero
Now
truck financing program. Station construction revenue was $4.6
million for the fourth quarter of 2018, compared to $17.8 million for
the fourth quarter of 2017, which included a higher number of full
station builds. Revenue for the fourth quarter of 2017 included $5.9
million in compressor sales, whereas in 2018 the Company did not record
any such sales, due to the Company combining its compressor
manufacturing business ("CEC") with Landi Renzo S.p.A's compressor
manufacturing business in December 2017 (the "CEC Combination").

On a GAAP basis, net income for the fourth quarter of 2018 was $6.9
million, or $0.03 per share, compared to a net loss of $(28.3) million,
or $(0.19) per share, for the fourth quarter of 2017. The fourth quarter
of 2018 was positively impacted by the $10.3 million in unrealized gains
on commodity swap contracts. The fourth quarter of 2017 was negatively
impacted by a $6.5 million loss from the CEC Combination and a $7.0
million charge related to the invalidation of tradable credits the
Company generates by selling natural gas as a vehicle fuel in connection
with temporary restrictions imposed on the Company's account for these
credits pending completion of an administrative review (the "LCFS
charge").

Revenue for 2018 was $346.4 million, a 1.4% increase from $341.6 million
for 2017. Revenue for 2017 included $23.5 million of compressor sales
related to CEC, whereas no such sales were reported in 2018 as discussed
above. The Company recognized $26.7 million in revenue from the U.S.
federal tax credits for alternative fuels ("AFTC") in 2018. The AFTC,
which had expired on December 31, 2016, was reinstated on February 9,
2018 to apply to vehicle fuel sales made from January 1, 2017 through
December 31, 2017, but is not presently available for fuel sales made
after 2017. Volume-related revenue increased year-over-year due to
higher revenue on incremental volumes delivered as well as the $10.3
million in unrealized gains on commodity swap contracts in 2018 and an
$8.5 million increase in revenue from sales of certain tradable credits
in 2018 due to the temporary restrictions imposed on the Company's
account for these credits in certain 2017 periods that resulted in the
LCFS charge. Station construction revenue declined by $26.4 million
year-over-year due to fewer full station and station upgrade projects in
process in 2018.

On a GAAP basis, net loss for 2018 was $(3.8) million, or $(0.02) per
share, compared to a net loss for 2017 of $(79.2) million, or $(0.53)
per share. The net loss in 2018 was partially offset by the AFTC revenue
and the unrealized gains on commodity swap contracts. The net loss in
2017 included a $70.7 million gain from the BP Transaction which was
offset by the loss from the CEC Combination and $81.1 million in asset
impairments and other cash and non-cash charges resulting from the LCFS
charge and steps taken in the third quarter of 2017 to minimize and
eliminate underperforming assets and lower operating expenses going
forward (collectively, "Asset Impairments and Other Charges").

Non-GAAP loss per share and Adjusted EBITDA for the fourth quarter of
2018 was $(0.01) and $12.7 million, respectively. Non-GAAP loss per
share and Adjusted EBITDA for the fourth quarter of 2017 was $(0.18) and
$(9.7) million, respectively, which included the loss from the CEC
Combination and the LCFS charge.

Non-GAAP loss per share and Adjusted EBITDA for 2018 was $(0.03) and
$59.7 million, respectively, which included the AFTC revenue recognized
in the period. Non-GAAP loss per share and Adjusted EBITDA for 2017 was
$(0.47) and $0.2 million, respectively, which included the gain from the
BP Transaction, the Asset Impairments and Other Charges, and the loss
from the CEC Combination.

Non-GAAP loss per share and Adjusted EBITDA are described below and
reconciled to GAAP net income (loss) and GAAP income (loss) per share
attributable to Clean Energy Fuels Corp.

Non-GAAP Financial Measures

To supplement the Company's unaudited condensed consolidated financial
statements presented in accordance with accounting principles generally
accepted in the United States of America ("GAAP"), the Company uses
non-GAAP financial measures that it calls non-GAAP loss per share
("non-GAAP EPS" or "non-GAAP loss per share") and adjusted EBITDA
("Adjusted EBITDA"). Management presents non-GAAP EPS and Adjusted
EBITDA because it believes these measures provide meaningful
supplemental information regarding the Company's performance, for the
following reasons: (1) these measures allow for greater transparency
with respect to key metrics used by management, as management uses these
measures to assess the Company's operating performance and for financial
and operational decision-making; (2) these measures exclude the impact
of items that management believes are not directly attributable to the
Company's core operating performance and may obscure trends in the
business; and (3) these measures are used by institutional investors and
the analyst community to help analyze the Company's business. In future
quarters, the Company may make adjustments for other expenditures,
charges or gains in order to present non-GAAP financial measures that
the Company's management believes are indicative of the Company's core
operating performance.

Non-GAAP financial measures have limitations as an analytical tool and
should not be considered in isolation from, or as a substitute for, the
Company's GAAP results. The Company expects to continue reporting
non-GAAP financial measures, adjusting for the items described below
(and/or other items that may arise in the future as the Company's
management deems appropriate), and the Company expects to continue to
incur expenses, charges or gains similar to the non-GAAP adjustments
described below. Accordingly, unless expressly stated otherwise, the
exclusion of these and other similar items in the presentation of
non-GAAP financial measures should not be construed as an inference that
these costs are unusual, infrequent or non-recurring. Non-GAAP EPS and
Adjusted EBITDA are not recognized terms under GAAP and do not purport
to be an alternative to GAAP income (loss), GAAP income (loss) per share
or any other GAAP measure as an indicator of operating performance.
Moreover, because not all companies use identical measures and
calculations, the Company's presentation of non-GAAP EPS and Adjusted
EBITDA may not be comparable to other similarly titled measures used by
other companies.

Non-GAAP EPS

Non-GAAP EPS, which the Company presents as a non-GAAP measure of its
performance, is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus stock-based compensation expense, plus (minus)
loss (income) from equity method investments, and plus (minus) any loss
(gain) from changes in the fair value of derivative instruments, the
total of which is divided by the Company's weighted-average shares
outstanding on a diluted basis. The Company's management believes
excluding non-cash expenses related to stock-based compensation provides
useful information to investors regarding the Company's performance
because of the varying available valuation methodologies, the volatility
of the expense (which depends on market forces outside of management's
control), the subjectivity of the assumptions and the variety of award
types that a company can use, which may obscure trends in a company's
core operating performance. Similarly, as a result of the CEC
Combination in the fourth quarter of 2017, the Company's management
believes excluding the non-cash results from equity method investments
is useful to investors because these charges are not part of or
representative of the core operations of the Company. In addition, the
Company's management believes excluding the non-cash loss (gain) from
changes in the fair value of derivative instruments is useful to
investors because the valuation of the derivative instruments is based
on a number of subjective assumptions, the amount of the loss or gain is
derived from market forces outside of management's control, and the
exclusion of these amounts enables investors to compare the Company's
performance with other companies that do not use, or use different forms
of, derivative instruments.

The table below shows GAAP and non-GAAP EPS and also reconciles GAAP net
income (loss) attributable to Clean Energy Fuels Corp. to an adjusted
net income (loss) figure used in the calculation of non-GAAP EPS:

   
Three Months Ended December 31, Year Ended December 31,
(in thousands, except share and per-share amounts) 2017   2018 2017   2018
GAAP Net Income (Loss) Attributable to Clean Energy Fuels Corp. $ (28,347 ) $ 6,862 $ (79,237 ) $ (3,790 )
Stock -Based Compensation 1,519 995 8,423 5,307

Loss (Income) from Equity Method Investments

31 (16 ) 131 2,723
Loss (Gain) from Change in Fair Value of Derivative Instruments (7 ) (9,687 ) (46 ) (9,788 )
Adjusted (Non-GAAP) Net Loss $ (26,804 ) $ (1,846 ) $ (70,729 ) $ (5,548 )
Weighted -Average Common Shares Outstanding Diluted 151,326,494 207,579,171 150,430,239 180,655,435
GAAP Income (Loss) Per Share Attributable to Clean Energy Fuels
Corp.
$ (0.19 ) 0.03 $ (0.53 ) $ (0.02 )
Non-GAAP Loss Per Share $ (0.18 ) $ (0.01 ) $ (0.47 ) $ (0.03 )
 

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its
performance, is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus (minus) income tax expense (benefit), plus
interest expense, minus interest income, plus depreciation and
amortization expense, plus stock-based compensation expense, plus
(minus) loss (income) from equity method investments, and plus (minus)
any loss (gain) from changes in the fair value of derivative
instruments. The Company's management believes Adjusted EBITDA provides
useful information to investors regarding the Company's performance for
the same reasons discussed above with respect to non-GAAP EPS. In
addition, management internally uses Adjusted EBITDA to determine
elements of executive and employee compensation.

The table below shows Adjusted EBITDA and also reconciles this figure to
GAAP net income (loss) attributable to Clean Energy Fuels Corp.:

   
Three Months Ended December 31, Year Ended December 31,
(in thousands) 2017   2018   2017   2018
GAAP Net Income (Loss) Attributable to Clean Energy Fuels Corp. $ (28,347 )   $ 6,862 $ (79,237 )   $ (3,790 )
Income Tax Expense (Benefit) 269 75 (1,914 ) 341
Interest Expense 4,285 2,798 17,751 15,924
Interest Income (341 ) (664 ) (1,497 ) (2,857 )
Depreciation and Amortization 12,857 12,354 56,614 51,850
Stock -Based Compensation 1,519 995 8,423 5,307

Loss (Income) from Equity Method Investments

31 (16 ) 131 2,723
Loss (Gain) from Change in Fair Value of Derivative Instruments (7 ) (9,687 ) (46 ) (9,788 )
Adjusted EBITDA $ (9,734 ) $ 12,717 $ 225 $ 59,710
 

Definition of "Gallons Delivered"

The Company defines "gallons delivered" as its gallons of renewable
natural gas ("RNG"), compressed natural gas ("CNG") and liquefied
natural gas ("LNG"), along with its gallons associated with providing
operations and maintenance services, in each case delivered to its
customers in the applicable period, plus the Company's proportionate
share of gallons delivered by joint ventures in the applicable period.

The table below shows gallons delivered for the three months and years
ended December 31, 2017 and 2018:

   
Three Months Ended December 31, Year Ended December 31,
Gallons Delivered (in millions) 2017   2018 2017   2018
CNG 70.3

79.5

283.4

299.5

LNG 16.1

19.2

66.1

66.0

RNG(1)     1.9  
Total 86.4 98.7 351.4 365.5
 

(1) Represents RNG sold as non-vehicle fuel. RNG sold as vehicle fuel,
is sold under the brand named as Redeem™, and is included in this table
in the CNG or LNG amounts as applicable based on the form in which it
was sold.

Sources of Revenue

The following table represents the Company's sources of revenue for the
three months and years ended December 31, 2017 and 2018:

   
Three Months Ended Year Ended
December 31, December 31,
Revenue (in millions) 2017   2018 2017   2018

Volume -Related(1)

$ 64.9 $ 88.9 $ 264.9 $ 286.7
Station Construction Sales 17.8 4.6 51.9 25.5
AFTC 26.7
Compressor Sales 5.9 23.5
Other 0.7   2.7   1.3   7.5
Total $ 89.3 $ 96.2 $ 341.6 $ 346.4
 

(1) For the three months and year ended December 31, 2018, volume
-related revenue includes an unrealized gain from the change in fair
value of commodity swap contracts of $10.3 million.

2019 Outlook

GAAP net loss for 2019 is expected to range from $12.0 million to $18.0
million, assuming no AFTC, which is not presently available, and no
unrealized gains or losses on commodity swap contracts. Legislative
circumstances impacting the AFTC and changes in diesel and natural gas
market conditions resulting in unrealized gains or losses on the
Company's commodity swap contracts could significantly impact the
Company's estimated GAAP net loss for 2019. Adjusted EBITDA for 2019 is
expected to range from $50.0 million to $55.0 million, assuming no AFTC.
These expectations also exclude the impact of any acquisitions,
divestitures or other extraordinary transactions that may occur in 2019.
Additionally, the expectations regarding 2019 Adjusted EBITDA assume the
calculation of this non-GAAP financial measure in the same manner as
described below and without adjustments for any other items that may
arise during 2019 and that management deems appropriate to exclude.
These expectations are forward-looking statements and are qualified by
the statement under "Safe Harbor Statement" below.

 
(in thousands) 2019 Outlook
GAAP Net Loss Attributable to Clean Energy Fuels Corp. $ (12,000) - $ (18,000)
Income Tax Expense (Benefit)
Interest Expense 6,000 - 8,000
Interest Income (900) - (1,300)
Depreciation and Amortization 53,000 - 55,000
Stock -Based Compensation 6,000 - 7,000

Loss (Income) from Equity Method Investments

Loss (Gain) from Change in Fair Value of Derivative Instruments
Adjusted EBITDA $ 50,000 - $ 55,000
 

Today's Conference Call

The Company will host an investor conference call today at 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.877.407.4018 from the U.S. and
international callers can dial 1.201.689.8471. A telephone replay will
be available approximately two hours after the call concludes
through Friday, April 12, 2019, by dialing 1.844.512.2921 from the U.S.,
or 1.412.317.6671 from international locations, and entering Replay Pin
Number 13687760. There also will be a simultaneous live webcast
available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com,
which will be available for replay for 30 days.

About Clean Energy Fuels

Clean Energy Fuels Corp. is the leading provider of natural gas fuel for
transportation in North America. We build and operate CNG and LNG
vehicle fueling stations; manufacture CNG and LNG equipment and
technologies; and deliver more CNG and LNG vehicle fuel than any other
company in the United States. Clean Energy also sells Redeem™ RNG fuel
and believes it is the cleanest transportation fuel commercially
available, reducing greenhouse gas emissions by up to 70%. For more
information, visit www.cleanenergyfuels.com.

Safe Harbor Statement

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, including statements about, among
other things, the Company's expectations regarding its 2019 results; the
Company's ability to convert heavy-duty truck fleets with whom it is in
discussions into participants in the Company's Zero Now truck
financing program; the success of the Zero Now program generally
and its impact, if any, on the U.S. natural gas trucking market and the
Company's performance, financial condition and ability to execute its
strategic initiatives; the state of the natural gas vehicle fuels
market, including the level of adoption of natural gas vehicle fuels
generally, and specifically in the trucking sector, and with respect to
renewable natural gas; and the Company's supply agreement with BP and
its effect, if any, on the Company's Redeem renewable natural gas
business.

Forward-looking statements are statements other than historical facts
and relate to future events or circumstances or the Company's future
performance, and they are based on the Company's current assumptions,
expectations and beliefs concerning future developments and their
potential effect on the Company and its business. As a result, actual
results, performance or achievements and the timing of events could
differ materially from those anticipated in or implied by these
forward-looking statements as a result of many factors including, among
others: the willingness of fleets and other consumers to adopt natural
gas as a vehicle fuel, and the rate and level of any such adoption;
future supply, demand, use and prices of crude oil, gasoline, diesel,
natural gas, and other vehicle fuels, including overall levels of and
volatility in these factors; natural gas vehicle and engine cost, fuel
usage, availability, quality, safety, convenience, design and
performance, as well as operator perception with respect to these
factors, in general and in the Company's key customer markets, including
heavy-duty trucking; the Company's ability to execute its Zero Now
truck financing program, a key strategic initiatives related to the
market for natural gas heavy-duty trucks and the impact of this
initiative on the Company's business, prospects, performance and
liquidity; the Company's ability to capture a substantial share of the
market for alternative vehicle fuels and vehicle fuels generally and
otherwise compete successfully in these markets, including in the event
of improvements in or perceived advantages of non-natural gas vehicle
fuels or engines powered by these fuels or other competitive
developments; the availability of environmental, tax and other
government regulations, programs and incentives that promote natural
gas, such as AFTC, or other alternatives as a vehicle fuel, including
long-standing support for gasoline- and diesel-powered vehicles and
growing support for electric and hydrogen-powered vehicles that could
result in programs or incentives that favor these or other vehicles or
vehicle fuels over natural gas; future availability of capital, which
may include equity or debt financing, in the amounts and at the times
needed to fund the growth of the Company's business, repayment of its
debt obligations (whether at or before their due dates) or other
expenditures, as well as the terms and other effects of any such
capital-raising transaction; the effect of, or potential for changes to
federal, state or local greenhouse gas emissions regulations or other
environmental regulations applicable to natural gas production,
transportation or use; the Company's ability to manage and grow its RNG
business, in particular after the BP Transaction, including its ability
to continue to receive revenue from sales of tradable credits the
Company generates by selling conventional and renewable natural gas as
vehicle fuel and the effect of any increase in competition for RNG
supply; the Company's ability to accurately predict natural gas vehicle
fuel demand in the geographic and customer markets in which it operates
and effectively calibrate its strategies, timing and levels of
investments to be consistent with this demand; the Company's ability to
recognize the anticipated benefits of its CNG and LNG station network;
construction, permitting and other factors that could cause delays or
other problems at station construction projects; the Company's
compliance with all applicable government regulations; the Company's
ability to execute and realize the intended benefits of any mergers,
acquisitions, divestitures, investments or other strategic measures,
transactions or relationships; and general political, regulatory,
economic and market conditions.

The forward-looking statements made in this press release speak only as
of the date of this press release and the Company undertakes no
obligation to update publicly such forward-looking statements to reflect
subsequent events or circumstances, except as otherwise required by law.
The Company's periodic reports filed with the Securities and Exchange
Commission (www.sec.gov),
including its Annual Report on Form 10-K, filed on March 12, 2019,
contain additional information about these and other risk factors that
may cause actual results to differ materially from the forward-looking
statements contained in this press release.

 
Clean Energy Fuels Corp. and Subsidiaries
 
Consolidated Balance Sheets
 
(In thousands, except share and per share data)
 
  December 31,   December 31,
2017 2018
Assets
Current assets:
Cash, cash equivalents and current portion of restricted cash $ 37,208 $ 30,624
Short-term investments 141,462 65,646
Accounts receivable, net of allowance for doubtful accounts of
$1,276 and $1,919 as of December 31, 2017 and 2018, respectively
63,961 68,865
Other receivables 19,235 15,544
Inventory 35,238 34,975
Prepaid expenses and other current assets 7,793 8,444
Derivative assets, related party   1,508  
Total current assets 304,897 225,606
Land, property and equipment, net 367,305 350,568
Long-term portion of restricted cash 4,000
Notes receivable and other long-term assets, net 21,397 17,470
Long-term portion of derivative assets, related party 8,824
Investments in other entities 30,395 26,079
Goodwill 64,328 64,328
Intangible assets, net 3,590   2,207  
Total assets $ 791,912   $ 699,082  
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of debt and capital lease obligations $ 139,699 $ 5,405
Accounts payable 17,901 19,024
Accrued liabilities 42,268 48,469
Deferred revenue 3,432   7,361  
Total current liabilities 203,300 80,259
Long-term portion of debt, capital lease and financing lease
obligations
120,388 78,779
Other long-term liabilities 18,566   15,035  
Total liabilities 342,254 174,073
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares;
issued and outstanding no shares
Common stock, $0.0001 par value. Authorized 224,000,000 shares and
304,000,000 shares as of December 31, 2017 and 2018, respectively;
issued and outstanding 151,650,969 shares and 203,599,892 shares as
of December 31, 2017 and 2018, respectively
15 20
Additional paid-in capital 1,111,432 1,198,769
Accumulated deficit (683,570 ) (688,653 )
Accumulated other comprehensive loss (887 ) (2,138 )
Total Clean Energy Fuels Corp. stockholders' equity 426,990 507,998
Noncontrolling interest in subsidiary 22,668   17,011  
Total stockholders' equity 449,658   525,009  
Total liabilities and stockholders' equity $ 791,912   $ 699,082  
 
 
Clean Energy Fuels Corp. and Subsidiaries
 
Consolidated Statements of Operations
 
(In thousands, except share and per share data)
 
  Three Months Ended   Year Ended
December 31, December 31,
2017   2018 2017   2018
Revenue:
Product revenue $ 75,545 $ 87,027 $ 287,292 $ 307,839
Service revenue 13,755   9,202   54,307   38,580  
Total revenue 89,300 96,229 341,599 346,419
Operating expenses:
Cost of sales (exclusive of depreciation and amortization shown
separately below):
Product cost of sales 58,107 54,851 216,413 194,509
Service cost of sales 6,192 4,820 26,258 18,415
Inventory valuation provision 13,158
Change in fair value of derivative warrants (7 ) 644 (46 ) 543
Selling, general and administrative 23,801 20,005 95,715 77,207
Depreciation and amortization 12,857 12,354 56,614 51,850
Asset impairments and other charges 7,268     67,934    
Total operating expenses 108,218   92,674   476,046   342,524  
Operating income (loss) (18,918 ) 3,555 (134,447 ) 3,895
Interest expense (4,285 ) (2,798 ) (17,751 ) (15,924 )
Interest income 341 664 1,497 2,857
Other income (expense), net 167 (440 ) 139 (566 )
Income (loss) from equity method investments (31 ) 16 (131 ) (2,723 )
Gain from extinguishment of debt, net 3,195
Gain from sale of subsidiary 772 4,782 70,658 4,782
Loss from formation of equity method investment (6,465 )   (6,465 ) (1,163 )
Income (loss) before income taxes (28,419 ) 5,779 (83,305 ) (8,842 )
Income tax benefit (expense) (269 ) (75 ) 1,914   (341 )
Net income (loss) (28,688 ) 5,704 (81,391 ) (9,183 )
Loss attributable to noncontrolling interest 341   1,158   2,154   5,393  
Net income (loss) attributable to Clean Energy Fuels Corp. $ (28,347 ) $ 6,862   $ (79,237 ) $ (3,790 )
Income (loss) per share:
Basic $ (0.19 ) $ 0.03   $ (0.53 ) $ (0.02 )
Diluted $ (0.19 ) $ 0.03   $ (0.53 ) $ (0.02 )
Weighted-average common shares outstanding:
Basic 151,326,494   203,529,685   150,430,239   180,655,435  
Diluted 151,326,494   207,579,171   150,430,239   180,655,435  
 

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