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

Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2024

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, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows:

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2024*			*2023*			*2024*			*2023*
	*(in thousands)*
Net income (loss) (numerator):
Net Income	$	28,151		$	6,752		$	35,837		$	10,222
Income attributable to unvested shares		(307	)		(27	)		(368	)		(56	)
Numerator for basic		27,844			6,725			35,469			10,166
Loss attributable to unvested shares		—			27			—			(41	)
Numerator for dilutive	$	27,844		$	6,752		$	35,469		$	10,125

Weighted average shares (denominator):
Basic weighted average shares outstanding		103,528			106,965			103,594			107,175
Effect of dilutive securities		148			648			83			875
Diluted weighted average shares outstanding		103,676			107,613			103,677			108,050
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive		281			431			506			238