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

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

EARNINGS PER SHAREBasic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of 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 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 Successor Quarter or Predecessor Quarter. There were 4.1 million shares of potential common shares issuable due to the Company's convertible preferred stock and 0.1 million shares of restricted stock that were considered anti-dilutive during the Successor Quarter.

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


	Successor		Predecessor
	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021

Net (loss) income	$	(491,975)	$	8,780
Dividends on preferred stock	(1,447)		—
Participating securities - preferred stock(1)	—		—
Net (loss) income attributable to common stockholders	$	(493,422)	$	8,780
Basic Shares	21,242		160,813
Basic and Dilutive EPS	$	(23.23)	$	0.05

_____________________

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