The table below shows non-GAAP EPS and also reconciles these figures to the GAAP measure net loss attributable to Clean Energy Fuels Corp.:

      Three Months Ended Dec. 31,       Year Ended Dec. 31,
(in 000s, except per-share amounts) 2011       2012 2011       2012
Net Loss Attributable to Clean Energy Fuels Corp. $ (20,907 ) $ (41,735 ) $ (47,633 ) $ (101,255 )
Stock Based Compensation, Net of Tax Benefits 3,380 5,595 13,473 22,087
Mark-to-Market (Gain) Loss on Series I Warrants 404 (2,306 ) (2,655 ) (3,391 )
Foreign Currency (Gain) Loss on IMW Purchase Notes (650 ) 130 588 (561 )
Valuation Allowance on Certain Deferred Tax Assets 3,000 3,000
VPG Investment Impairment 14,544 14,544
CARB Settlement 550 550
IRS Settlement 2,057 2,057
Adjusted Net Income (Loss) (14,773 ) (21,165 ) (33,227 ) (65,969 )
Diluted Weighted Average Common Shares Outstanding 70,890,569 90,474,665 70,415,431 87,455,073
Non-GAAP Loss Per Share $ (0.21 ) $ (0.23 ) $ (0.47 ) $ (0.75 )
 

Adjusted EBITDA

Adjusted EBITDA is defined as net income (loss) attributable to Clean Energy, plus or minus income tax expense or benefit, plus or minus interest expense or income, net, plus depreciation and amortization expense, plus or minus the foreign currency losses or gains on the Company’s notes issued as part of its acquisition of IMW, plus stock-based compensation charges, net of related tax benefits, plus or minus any mark-to-market losses or gains on the Company’s Series I warrants, plus the VPG Investment Impairment, plus the CARB Settlement, and plus the IRS Settlement. The Company’s management believes that Adjusted EBITDA provides useful information to investors for the same reasons discussed above for Non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

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