Ring Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

EARNINGS (LOSS) PER SHARE INFORMATION

EARNINGS (LOSS) PER SHARE INFORMATION

12 Months Ended

Dec. 31, 2022


For the years ended December 31,	2022		2021		2020
Net Income (Loss)	$	138,635,025	$	3,322,892	$	(253,411,828)
Basic Weighted-Average Shares Outstanding	121,264,175		99,387,028		72,891,310
Effect of dilutive securities:
Stock options	83,384		75,897		—
Restricted stock units	2,040,181		1,613,810		—
Performance stock units	248,206		—		—
Common warrants	18,118,722		20,116,440		—
Diluted Weighted-Average Shares Outstanding	141,754,668		121,193,175		72,891,310
Basic Earnings (Loss) per Share	$	1.14	$	0.03	$	(3.48)
Diluted Earnings (Loss) per Share	$	0.98	$	0.03	$	(3.48)

Stock options to purchase 70,500, 113,659, and 465,500 shares of common stock were excluded from the computation of diluted earnings per share during the years ended December 31, 2022, 2021 and 2020, respectively, as their effect would have been anti-dilutive. Also excluded from the computation of diluted earnings per share were 13,512, 20,610, and 2,144,617 shares of unvested restricted stock units during the years ended December 31, 2022, 2021 and 2020, respectively, as their effect would have been anti-dilutive. Unvested performance stock units of 814,255, 94,270, and —

were excluded from the computation of diluted earnings per share during the years ended December 31, 2022, 2021, and 2020, respectively, as their effect would have been anti-dilutive. Common warrants to purchase 29,804,300 shares of common stock were excluded from the computation of diluted earnings per share during the year ended December 31, 2020, as their effect would have been anti-dilutive.

Pre-funded warrants to purchase 13,428,500 shares of common stock were included in the calculation of the Basic Weighted-Average Shares Outstanding for the year ended December 31, 2020 as they were exercisable for a nominal amount and so were treated as if they were exercised at issuance. These shares were exercised in January 2021 and were included in the beginning shares outstanding for the calculation of Basic Weighted-Average Shares Outstanding for the year ended December 31, 2021.