Basic net income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the dilution of common stock equivalents such as options, convertible debt, and warrants to the extent the impact is dilutive. The Company's stock options, warrants, and convertible debt are excluded from the calculation of diluted income (loss) per share when their effect would be antidilutive. 

For the periods presented in which the Company reported a net loss, basic and diluted net loss per share were the same because potentially dilutive common shares were antidilutive. 

For the three months ended September 30, 2026, the Company reported net income. The adjustment to the diluted net income (loss) numerator for this period reflects the assumed conversion of ABGL’s Series A Preferred Units into ABGL common units under the if-converted method. Assumed conversion reduces the Company’s proportionate interest in ABGL’s earnings, partially offset by the add-back of accretion expense. The conversion does not affect the denominator because the preferred units are convertible into ABGL common units rather than Aemetis common stock.  See Note 11 - Aemetis Biogas LLC – Series A Preferred Financing. 

The following table reconciles the numerators and denominators used in calculating basic and diluted income (loss) per share (in thousands, except per share data):

The following potentially dilutive securities were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive: