XML 80 R22.htm IDEA: XBRL DOCUMENT v3.23.1
Note 16 - Shareholders' Equity
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

16. SHAREHOLDERS EQUITY

 

On October 13, 2022, in connection with the closing of the Arrangement, the total number of authorized shares of common stock of the Company was increased from 100 million to 160 million and VAALCO issued approximately 49.3 million shares to TransGlobe's shareholders.

 

Preferred stock – Authorized preferred stock consists of 500,000 shares with a par value of $25 per share. No shares of preferred stock were issued and outstanding as of December 31, 2022 or 2021.

 

Treasury stock

 

On November 1, 2022, the Company announced that the board of directors formally ratified and approved the share buyback program that was announced on August 8, 2022. The Plan provides for an aggregate purchase of currently outstanding common stock up to $30 million over 20 months. Payment for shares repurchased under the share buyback program will be funded using the Company's cash on hand and cash flow from operations.

 

The below table shows the repurchases of the Company's equity securities during the fourth quarter of the fiscal year ended December 31, 2022:

 

Period

 

Total Number of Shares Purchased

  

Average Price Paid per Share

  

Total Number of Shares Purchased as Part of Publicly Announced Programs

  

Maximum Amount that May Yet Be Used to Purchase Shares Under the Program

 

November 1, 2022 - November 30, 2022

  288,758  $5.21   288,758  $28,500,463 

December 1, 2022 - December 31, 2022

  282,163  $5.34   282,163  $27,000,767 

Total

 570,921     570,921    

 

For the majority of restricted stock awards granted by the Company, the number of shares issued to the participant on the vesting date are net of shares withheld to meet applicable tax withholding requirements. In addition, when options are exercised, the participant may elect to remit shares to the Company to cover the tax liability and the cost of the exercised options. When this happens, the Company adds these shares to treasury stock and pays the taxes on the participant’s behalf.

 

Although these withheld shares are not issued or considered common stock repurchases under the Company’s stock repurchase program, they are treated as common stock repurchases in the financial statements as they reduce the number of shares that would have been issued upon vesting.