Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 111

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 111
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2,224,840 2,900,050 Imputed interest170,799 277,833 Undiscounted future cash flows less imputed interest2,054,041 2,622,217 Financing lease liability, current portion906,119 956,254 Financing lease liability, non-current portion647,078 906,330 Financing lease liability, total1,553,197 1,862,584 Total undiscounted future cash flows (sum of future financing lease payments)1,667,763 2,006,453 Imputed interest114,566 143,869 Undiscounted future cash flows less imputed interest1,553,197 1,862,584 The following table provides supplemental information regarding lease costs in the Statements of Operations for the years ended  December 31, 2024, 2023, and 2022.202420232022Operating lease costs$700,362 $541,801 $363,908 Short-term lease costs (1)$4,083,088 $5,096,723 $2,618,405 Financing lease costs:Amortization of financing lease assets (2)$1,058,398 $803,721 $505,211 Interest on financing lease liabilities (3)$121,293 $101,269 $48,472 (1)Amount included in Lease operating expenses(2)Amount included in Depreciation, depletion and amortization(3)Amount included in Interest (expense)

During the year ended December 31, 2024, the Company sold some of its leased vehicles, driving the gain on disposal of $89,693. 

NOTE 4 — EARNINGS PER SHARE INFORMATIONThe following table presents the calculation of the Company's basic and diluted earnings (loss) per share for the years ended December 31, 2024, 2023 and 2022. For all dilutive securities, the treasury stock method of calculating the incremental shares is applied.

F-20

For the years ended December 31,202420232022Net Income$67,470,314 $104,864,641 $138,635,025 Basic Weighted-Average Shares Outstanding197,937,683 190,589,143 121,264,175 Effect of dilutive securities:Stock options— — 83,384 Restricted stock units1,