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, 2017

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 vesting, 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,
	2017	2016
	(in thousands)
Basic weighted average shares outstanding	58,567	58,513
Effect of dilutive securities	13	-
Diluted weighted average shares outstanding	58,580	58,513

Stock options and unvested restricted stock grants excluded from dilutive
calculation because they would be anti-dilutive	2,238	4,284

Because we recognized a net loss for the three months ended March 31, 2016, there were no dilutive securities for that period.