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, 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 September 30,		Nine Months Ended September 30,
	2017	2016	2017	2016
	(in thousands)
Basic weighted average shares outstanding	58,817	58,708	58,682	58,600
Effect of dilutive securities	—	—	4	—
Diluted weighted average shares outstanding	58,817	58,708	58,686	58,600
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive	3,007	4,098	2,799	4,455