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Note 14 - Shareholders' Equity | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Equity [Text Block] | 14. SHAREHOLDERS’ EQUITY Common stock On October 13, 2022, in connection with the closing of the Arrangement, (i) the total number of authorized shares of common stock of the Company was increased from 100 million shares to 160 million shares and (ii) 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 March 31, 2023. Treasury stock On November 1, 2022, the Company announced that the board of directors formally ratified and approved a share buyback program. 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. See Note 10 for further discussion. The below table shows the repurchases of the Company's equity securities during the three months ended March 31, 2023:
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 |
January 1, 2023 - January 31, 2023 |  |  | 350,832 |  |  | $ | 4.27 |  |  |  | 350,832 |  |  | $ | 25,502,669 |
February 1, 2023 - February 28, 2023 |  |  | 326,992 |  |  | $ | 4.59 |  |  |  | 326,992 |  |  | $ | 24,003,172 |
March 1, 2023 - March 31, 2023 |  |  | 303,176 |  |  | $ | 4.95 |  |  |  | 303,176 |  |  | $ | 22,503,206 |
Total |  |  | 981,000 |  |  |  |  |  |  |  | 981,000 |  |  |  |  |
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 Company's financial statements as they reduce the number of shares that would have been issued upon vesting. See Note 15 for further discussion.

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