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

Note 5 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

	*Three Months Ended March 31,*
	*2023*			*2022*
	*(in thousands)*
Net income (loss) (numerator):
Income (loss) from continuing operations	$	3,483		$	12,176
Income from continuing operations attributable to unvested shares		18			(140	)
Numerator for basic		3,501			12,036
Loss from continuing operations attributable to unvested shares		(18	)		—
Numerator for dilutive	$	3,483		$	12,036

Loss from discontinued operations, net of tax	$	(13	)	$	(12	)
Loss from discontinued operations attributable to unvested shares		—			—
Numerator for basic		(13	)		(12	)
(Income) loss from discontinued operations attributable to unvested shares		—			—
Numerator for dilutive	$	(13	)	$	(12	)

Net income (loss)	$	3,470		$	12,164
Net income attributable to unvested shares		(29	)		(139	)
Numerator for basic		3,441			12,025
Net (income) loss attributable to unvested shares		(18	)		—
Numerator for dilutive	$	3,423		$	12,025

Weighted average shares (denominator):
Basic weighted average shares outstanding		107,387			58,702
Effect of dilutive securities		1,365			477
Diluted weighted average shares outstanding		108,752			59,179
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive		195			139