Combine all ingredients, except vanilla, in a pan.
Bring sauce to boil on medium heat. Boil 5 to 7 minutes stirring constantly. (The longer you boil the sauce the harder it will dry. We like it a little sticky at my house so we usually go between 5 – 6 minutes.)
Add vanilla and stir to combine.
Pour sauce over the popcorn. Stir and mix well.
Lay a couple of long pieces of wax paper on your table or counter and spread the popcorn out so it can cool. Let it cool for about 10 minutes.
Break into pieces and enjoy! You can store leftovers in an air-tight container.