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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information (Unaudited) |
12. | QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
The following represents our unaudited quarterly results for years ended December 31, 2013 and 2012. The quarterly results were prepared in accordance with accounting principles generally accepted in the United States of America, and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.
(In thousands of dollars except per share information) | 1st Quarter |  |  | 2nd Quarter |  |  | 3rd Quarter |  |  | 4th Quarter |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues (1) | $ | 44,137 |  |  | $ | 29,118 |  |  | $ | 37,740 |  |  | $ | 58,282 |
Total operating costs and expenses |  | 22,634 |  |  |  | 17,452 |  |  |  | 29,636 |  |  |  | 22,331 |
Operating income |  | 21,503 |  |  |  | 11,666 |  |  |  | 8,104 |  |  |  | 35,951 |
Net income |  | 7,188 |  |  |  | 7,121 |  |  |  | 2,386 |  |  |  | 26,377 |
Basic net income per share. | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.4 |  |  | $ | 0.46 |
Diluted net income per share. | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.4 |  |  | $ | 0.46 |
(In thousands of dollars except per share information) | 1st Quarter |  |  | 2nd Quarter |  |  | 3rd Quarter |  |  | 4th Quarter |
2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues (1) | $ | 45,286 |  |  | $ | 58,818 |  |  | $ | 37,630 |  |  | $ | 53,553 |
Total operating costs and expenses |  | 15,180 |  |  |  | 20,186 |  |  |  | 22,036 |  |  |  | 51,292 |
Operating income |  | 30,106 |  |  |  | 38,632 |  |  |  | 15,594 |  |  |  | 2,261 |
Net income |  | 10,527 |  |  |  | 12,317 |  |  |  | 1,412 |  |  |  | (18,917 | )
Net income attributable to noncontrolling interest |  | (1,509 | ) |  |  | (1,893 | ) |  |  | (1,306 | ) |  |  | - |
Net income attributable to VAALCO Energy, Inc. |  | 9,018 |  |  |  | 10,424 |  |  |  | 106 |  |  |  | (18,917 | )
Basic net income per share attributable to VAALCO Energy, Inc. | $ | 0.16 |  |  | $ | 0.18 |  |  | $ | - |  |  | $ | (0.33 | )
Diluted net income per share attributable to VAALCO Energy, Inc. | $ | 0.15 |  |  | $ | 0.18 |  |  | $ | - |  |  | $ | (0.32 | )
(1) | Gabon crude oil sales are a function of the number and size of crude oil liftings in each quarter from the floating production, storage and offloading (“FPSO”) facility.
Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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