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

3 Months Ended

Mar. 31, 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 March 31,*
	*2024*			*2023*
	*(in thousands)*
Net income (loss) (numerator):
Net Income	$	7,686		$	3,470
Income attributable to unvested shares		(15	)		(29	)
Numerator for basic		7,671			3,441
Loss attributable to unvested shares		15			(18	)
Numerator for dilutive	$	7,686		$	3,423

Weighted average shares (denominator):
Basic weighted average shares outstanding		103,659			107,387
Effect of dilutive securities		882			1,365
Diluted weighted average shares outstanding		104,541			108,752
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive		529			195