GULFPORT ENERGY CORP
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
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8. Earnings (Loss) Per Share
- EARNINGS (LOSS) PER SHARE
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 share-based awards that were considered anti-dilutive for the three months ended June 30, 2024, and 0.4 million share-based awards that were considered dilutive for the six months ended June 30, 2024. There were 0.3 million and 0.2 million share-based awards that were considered dilutive for the three months and six months ended June 30, 2023, respectively. There were 3.1 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and six months ended June 30, 2024. There were 3.3 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and six months ended June 30, 2023.
Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |
|---|---|---|
| Net (loss) income | $(26,212) | $93,687 |
| Dividends on preferred stock | (1,095) | (1,278) |
| Participating securities - preferred stock(1) | — | (14,044) |
| Net (loss) income attributable to common stockholders | $(27,307) | $78,365 |
| Re-allocation of participating securities | — | 182 |
| Diluted net (loss) income attributable to common stockholders | $(27,307) | $78,547 |
| Basic Shares | 18,144 | 18,518 |
| Dilutive Shares | 18,144 | 18,805 |
| Basic EPS | $(1.51) | $4.23 |
| Dilutive EPS | $(1.51) | $4.18 |
(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on apari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |
|---|---|---|
| Net income | $25,823 | $616,741 |
| Dividends on preferred stock | (2,200) | (2,585) |
| Participating securities - preferred stock(1) | (3,469) | (92,611) |
| Net income attributable to common stockholders | $20,154 | $521,545 |
| Re-allocation of participating securities | 64 | 1,008 |
| Diluted net income attributable to common stockholders | $20,218 | $522,553 |
| Basic Shares | 18,169 | 18,688 |
| Dilutive Shares | 18,573 | 18,930 |
| Basic EPS | $1.11 | $27.91 |
| Dilutive EPS | $1.09 | $27.60 |
(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on apari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
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