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

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Basic weighted average common stock issued and outstanding	58,392,240	57,304,763	58,226,687	57,040,166
Effect of dilutive securities	-	563,540	-	535,139
Total diluted shares	58,392,240	57,868,303	58,226,687	57,575,305

Stock options excluded from dilutive calculation
because they would be anti-dilutive	5,766,411	1,203,324	5,979,348	2,364,392

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