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

9 Months Ended

Sep. 30, 2022

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 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 Current Successor Quarter, Current Successor YTD Period, Prior Successor Period, Prior Successor Quarter, or Prior Predecessor YTD Period. There were 3.7 million shares of potential common shares issuable due to the Company's convertible preferred stock for each of the Current Successor Quarter and Current Successor YTD Period. There were 1.2 million and 1.5 million shares of restricted stock that were considered anti-dilutive during the Current Successor Quarter and Current Successor YTD Period, respectively.

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


	Successor
	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021
Net loss	$	(18,472)	$	(461,313)
Dividends on preferred stock	(1,309)		(2,095)

Net loss attributable to common stockholders	$	(19,781)	$	(463,408)


Basic Shares	19,635		20,598

Basic and Dilutive EPS	$	(1.01)	$	(22.50)


	Successor				Predecessor
	Nine Months Ended September 30, 2022		Period from May 18, 2021 through September 30, 2021		Period from January 1, 2021 through May 17, 2021
Net (loss) income	$	(253,867)	$	(670,899)	$	250,994
Dividends on preferred stock	(4,136)		(3,126)		—

Net (loss) income attributable to common stockholders	$	(258,003)	$	(674,025)	$	250,994
Basic Shares	20,514		20,507		160,834
Basic and Dilutive EPS	$	(12.58)	$	(32.87)	$	1.56