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

3 Months Ended

Mar. 31, 2016

9. 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.

A reconciliation from basic to diluted shares follows:


	Three Months Ended March 31,
	2016	2015
Basic weighted average shares outstanding	58,512,657	57,981,347
Effect of dilutive securities	-	-
Diluted weighted average shares outstanding	58,512,657	57,981,347

Stock options excluded from dilutive calculation because they would be anti-dilutive	4,283,707	5,772,271

Because we recognized net losses for the three months ended March 31, 2016 and 2015, there were no dilutive securities for those periods.