We show in this paper that geodesic acoustic modes (GAMs) can be efficiently excited by a population of fast ions even when Landau damping on thermal ions is accounted for. We report in particular fully kinetic calculations of the GAM dispersion relation and its complete solution. Written under a variational form, the quasi-neutrality condition, together with the kinetic Vlasov equation, leads to the density of exchanged energy between particles and the mode. In particular, a linear threshold for the GAMs excitation is derived. Two examples of fast ion distribution have been discussed analytically. It turns out that particles with high perpendicular energy compared to the parallel resonance energy are most responsible for the excitation of the mode. Subsequent numerical simulations of circular plasmas using GYSELA code have been carried out. In particular, the linear kinetic threshold has been reproduced during the excitation phase, and a nonlinear saturation has been observed. Analysis in the phase space of the evolution of the equilibrium distribution function is presented and the saturation level quantified.