VAALCO Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

6 Months Ended

Jun. 30, 2015

5. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, we assume that restricted stock is outstanding on the date of grant, and we assume the issuance of shares from the exercise of stock options using the treasury stock method.

Diluted shares consist of the following:


	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Basic weighted average common stock issued and outstanding	58,301,960	56,950,678	58,142,539	56,905,675
Effect of dilutive securities	-	586,040	-	487,442
Total diluted shares	58,301,960	57,536,718	58,142,539	57,393,117

Stock options excluded from dilutive calculation
because they would be anti-dilutive	6,051,591	2,207,224	5,624,716	2,407,224

Because we recognized net losses for the three and six months ended June 30, 2015, there were no dilutive securities for those periods.