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

6 Months Ended

Jun. 30, 2021

EARNINGS (LOSS) 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 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 Successor Period, Current Predecessor Quarter, or the Current Predecessor YTD Period. There were 4.0 million shares of potential common shares issuable due to the Company's convertible New Preferred Stock that were considered anti-dilutive for the Successor Period due to the Company's net loss. There were 1.3 million and 1.6 million potential shares of unvested restricted stock that were considered anti-dilutive for the Prior Predecessor Quarter and the Prior Predecessor YTD Period, respectively.

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


	Successor		Predecessor
	Period from May 18, 2021 through June 30, 2021		Period from April 1, 2021 through May 17, 2021		Three Months Ended June 30, 2020

Net (loss) income	$	(209,586)	$	242,214	$	(561,068)
Dividends on New Preferred Stock	(1,031)		—		—
Participating securities - New Preferred Stock(1)	—		—		—
Net (loss) income attributable to common stockholders	$	(210,617)	$	242,214	$	(561,068)
Basic Shares	20,321		160,887		159,934
Basic and Dilutive EPS	$	(10.36)	$	1.51	$	(3.51)


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

Net income (loss) attributable to Gulfport	$	(209,586)	$	250,996	$	(1,078,606)
Dividends on New Preferred Stock	(1,031)		—		—
Participating securities - New Preferred Stock(1)	—		—		—
Net (loss) income attributable to common stockholders	$	(210,617)	$	250,996	$	(1,078,606)
Basic Shares	20,321		160,834		159,847
Basic and Dilutive EPS	$	(10.36)	$	1.56	$	(6.75)


(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.