VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

Earnings Per Share

12 Months Ended

Dec. 31, 2016

14. EARNINGS PER SHARE

Basic earnings per share 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:


	Year Ended December 31,
	2016	2015	2014
	(in thousands)
Basic weighted average shares outstanding	58,384	58,289	57,229
Effect of dilutive securities	-	-	-
Diluted weighted average shares outstanding	58,384	58,289	57,229

Stock options and unvested restricted stock grants excluded from dilutive
calculation because they would be anti-dilutive	4,363	5,586	2,329

Because we recognized net losses for the years ended December 31, 2016, 2015 and 2014, there were no dilutive securities for these years.