Gulfport Energy Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2024

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 0.3 million shares of restricted stock that were considered anti-dilutive for the year ended December 31, 2024. There were 0.3 million and 0.2 million shares of restricted stock that were considered dilutive for the years ended December 31, 2023 and 2022, respectively. There were 2.7 million, 3.2 million and 3.7 million potential shares of common stock issuable due to the Company's convertible preferred stock for the years ended December 31, 2024, 2023 and 2022, respectively.

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


	Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022
Net (loss) income	$	(261,386)	$	1,470,916	$	494,701
Dividends on preferred stock	(4,230)		(4,840)		(5,444)
Participating securities - preferred stock(1)	—		(212,360)		(76,401)
Net (loss) income attributable to common stockholders	$	(265,616)	$	1,253,716	$	412,856
Re-allocation of participating securities	—		2,475		512
Diluted net (loss) income attributable to common stockholders	$	(265,616)	$	1,256,191	$	413,368
Basic Shares	18,050		18,645		20,185
Dilutive Shares	18,050		18,902		20,347
Basic EPS	$	(14.72)	$	67.24	$	20.45
Dilutive EPS	$	(14.72)	$	66.46	$	20.32

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(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.