Gulfport Energy Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2021

Basic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of New Preferred Stock less (iii) net income or loss attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income or loss per share attributable to common stockholders is computed as (i) basic net income or loss attributable to common stockholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the Company's convertible New Preferred Stock and the treasury stock method is used to determine the dilutive impact of unvested restricted stock.

There were no potential shares of common stock that were considered dilutive for the Current Successor YTD Period, Current Successor Quarter, Current Predecessor Quarter or the Current Predecessor YTD Period. There were 4.1 million shares of potential common shares issuable due to the Company's convertible New Preferred Stock that were considered anti-dilutive for the Current Successor YTD Period due to the Company's net loss. There were 0.1 million shares of restricted stock that were considered anti-dilutive during the Current Successor Quarter and Current Successor YTD Period due to the Company's net loss.

Reconciliations of the components of basic and diluted net (loss) income per common share are presented in the tables below:


	Successor		Predecessor
	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020

Net loss	$	(461,313)	$	(380,963)
Dividends on New Preferred Stock	(2,095)		—
Participating securities - New Preferred Stock(1)	—		—
Net loss attributable to common stockholders	$	(463,408)	$	(380,963)
Basic Shares	20,598		160,683
Basic and Dilutive EPS	$	(22.50)	$	(2.37)


	Successor		Predecessor
	Period from May 18, 2021 through September 30, 2021		Period from January 1, 2021 through May 17, 2021		Nine Months Ended September 30, 2020

Net (loss) income attributable to Gulfport	$	(670,898)	$	250,996	$	(1,459,569)
Dividends on New Preferred Stock	(3,126)		—		—
Participating securities - New Preferred Stock(1)	—		—		—
Net (loss) income attributable to common stockholders	$	(674,024)	$	250,996	$	(1,459,569)
Basic Shares	20,507		160,834		160,053
Basic and Dilutive EPS	$	(32.87)	$	1.56	$	(9.12)


(1)			New Preferred Stock represents participating securities because they participate in any dividends on shares of common stock on a pari passu, pro rata basis. However, New Preferred Stock does not participate in undistributed net losses.