Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 51

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 Program may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time. The following table summarizes activity under the Repurchase Program for the three months ended March 31, 2025 (dollar value of shares purchased shown in thousands):Three Months Ended March 31, 2025Three Months Ended March 31, 2024Total number of shares purchased340,664210,075Dollar value of shares purchased$60,000 $29,492 Average price paid per share$176.13 $140.39  As of March 31, 2025, the Company has repurchased 5.9 million shares for $644.1 million at a weighted average price of $108.99 per share since the inception of the Repurchase Program.

7.STOCK-BASED COMPENSATION

In May 2021, the Board of Directors adopted the Incentive Plan with a share reserve equal to 2.8 million shares of common stock. The Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and performance awards or any combination of the foregoing.The Company has granted both restricted stock units and performance vesting restricted stock units to employees and directors pursuant to the Incentive Plan, as discussed below. During the three months ended March 31, 2025 and 2024, the Company's stock-based compensation expense was $4.5 million and $3.6 million, of which the Company capitalized $1.5 million and $1.2 million, respectively, relating to its exploration and development efforts. Stock compensation expense, net of the amounts capitalized, is included in general and administrative expenses in the accompanying consolidated statements of operations. As of March 31, 2025, the Company has awarded an aggregate of approximately 505,843 restricted stock units and approximately 503,998 performance vesting restricted stock units under the Incentive Plan.

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The following tables summarizes activity for the three months ended March 31, 2025 and 2024:Number ofUnvestedRestricted Stock UnitsWeightedAverageGrant DateFair ValueNumber ofUnvestedPerformance Vesting Restricted Stock UnitsWeightedAverageGrant DateFair ValueUnvested shares as of January 1, 2025167,014 $115.67 178,139 $92.06 Granted61