VAALCO ENERGY INC /DE/ Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Net income (numerator): | |||||||||||||||||
| Net income | $ | 58,490 | $ | 60,354 | $ | 51,890 | |||||||||||
| Income attributable to unvested shares | (714) | (632) | (593) | ||||||||||||||
| Numerator for basic | 57,776 | 59,722 | 51,297 | ||||||||||||||
| Loss attributable to unvested shares | — | 1 | 3 | ||||||||||||||
| Numerator for dilutive | $ | 57,776 | $ | 59,723 | $ | 51,300 | |||||||||||
| Weighted average shares (denominator): | |||||||||||||||||
| Basic weighted average shares outstanding | 103,669 | 106,376 | 69,568 | ||||||||||||||
| Effect of dilutive securities | 78 | 179 | 414 | ||||||||||||||
| Diluted weighted average shares outstanding | 103,747 | 106,555 | 69,982 | ||||||||||||||
| Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive | 516 | 385 | 189 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 17, 2025 | Showing above |
| 2023 | Mar 15, 2024 | |
| 2022 | Apr 6, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.