The incident was reported off the northwest side of Santa Rosa Island at about 3:15 p.m.
The U.S. Coast Guard says a good Samaritan notified Coast Guard watchstanders of a 37-year-old man who had been bitten by a shark on his right leg. A tourniquet was placed on the man's leg to prevent further blood loss, and he was later taken to an hospital where he was reportedly in stable condition.
Officials are unsure of what type of shark attacked the man.
DEVELOPING: This story will be updated as more information becomes available.