Exhibit 11 VAALCO Energy, Inc. and Subsidiaries COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE AND COMMON SHARE EQUIVALENTS (Unaudited) (IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended September 30, ------------------ 1997 1996 ---- ---- PRIMARY NET INCOME (LOSS) PER SHARE: (a) Weighted average shares of common stock outstanding ............................................. 13,955,600 8,865,469 Effect of issuance of shares from exercise of stock options or warrants (treasury stock method) ................................................. 1,009,789 -- ---------- ---------- Weighted average shares ......................................... 14,965,389 8,865,469 =========== ========== Net Income (Loss) Attributed to Common Stockholders ............. $ (446) $ (584) =========== ========== Primary Net Income (Loss) Per Share ............................. $ (0.03) $ (0.06) =========== ========== FULLY DILUTED NET INCOME (LOSS) PER SHARE: (a) Weighted average shares of common stock outstanding ............................................. 13,955,600 8,865,469 Effect of issuance of shares from exercise of stock options or warrants (treasury stock method) ................... 1,136,806 -- ----------- ---------- Weighted average shares ......................................... 15,092,406 8,865,469 =========== ========== Net Income (Loss) Attributed to Common Stockholders ............. $ (446) $ (584) =========== =========== Fully Diluted Net Income (Loss) Per Share ....................... $ (0.03) $ (0.06) =========== =========== Nine Months Ended September 30, ----------------- 1997 1996 ------ ------ PRIMARY NET INCOME (LOSS) PER SHARE: Weighted average shares of common stock outstanding ............................................. 10,580,825 8,865,469 Effect of issuance of shares from exercise of stock options or warrants (treasury stock method) ................... 679,046 -- ----------- ---------- Weighted average shares ......................................... 11,259,871 8,865,469 =========== ========== Net Income (Loss) Attributable to Common Stockholders ........... $ 2,583 $ (878) =========== =========== Primary Net Income (Loss) Per Share ............................. $ 0.23 $ (0.10) =========== =========== FULLY DILUTED NET INCOME (LOSS) PER SHARE: Weighted average shares of common stock outstanding ............................................. 10,580,825 8,865,469 Effect of issuance of shares from exercise of stock options or warrants (treasury stock method) ................... 1,136,806 -- ----------- ---------- Weighted average shares ......................................... 11,717,631 8,865,469 =========== ========== Net Income (Loss) Attributable to Common Stockholders ........... $ 2,583 $ (878) =========== =========== Fully Diluted Net Income (Loss) Per Share ...................... $ 0.22 $ (0.10) =========== ==========
(a) This calculation is submitted in accordance with Regulations S-K item 601(b)(11) although it is contrary to paragraphs 14, 30 and 40 APB Opinion No. 15 because it produces an antidilutive result for period set forth above.