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, 2016

10. 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 June 30,		Six Months Ended June 30,
	2016	2015	2016	2015
Basic weighted average shares outstanding	58,463,838	58,301,960	58,488,074	58,142,539
Effect of dilutive securities	-	-	-	-
Diluted weighted average shares outstanding	58,463,838	58,301,960	58,488,074	58,142,539

Stock options excluded from dilutive calculation because they would be anti-dilutive	4,413,180	6,051,591	3,522,081	5,624,716

Because we recognized net losses for the three and six months ended June 30, 2016 and 2015, there were no dilutive securities for those periods.