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Added link to 10-K filing
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Catalyx
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There is no "correct" way to determine a company's fully diluted shares. There is however an accounting convention that public companies use for financial reporting.

In your case, the latter 4Q20 figure, 17.528.214.000, is what the company reports in [its 2020 10-K][1]its FY2020 10-K.

In that 10-K, you'll find the figure reported as "Weighted-average diluted shares," and see that figure is linked to the accounting convention applied (you'll see a pop-up once you click on the figure; scroll to the third panel of the pop-up).

That panel will look like this: FASB rule

Professional investors will often create their own calculations based on their own assumptions to determine a fully-diluted share count that factors in a variety of derivative instruments and securities as disclosed in a company's financial statement footnotes, elsewhere in a 10-K or 10-Q, proxy statements, compensation agreement exhibits, debt indentures (for convertible securities), warrants purchase agreements, and other filings.

Because of the complexity of the above and in order to speak a "common language," most investors rely on the reported figure and a company's (usually) undisclosed calculation supporting it.

There is no "correct" way to determine a company's fully diluted shares. There is however an accounting convention that public companies use for financial reporting.

In your case, the latter 4Q20 figure, 17.528.214.000, is what the company reports in [its 2020 10-K][1].

In that 10-K, you'll find the figure reported as "Weighted-average diluted shares," and see that figure is linked to the accounting convention applied (you'll see a pop-up once you click on the figure; scroll to the third panel of the pop-up).

That panel will look like this: FASB rule

Professional investors will often create their own calculations based on their own assumptions to determine a fully-diluted share count that factors in a variety of derivative instruments and securities as disclosed in a company's financial statement footnotes, elsewhere in a 10-K or 10-Q, proxy statements, compensation agreement exhibits, debt indentures (for convertible securities), warrants purchase agreements, and other filings.

Because of the complexity of the above and in order to speak a "common language," most investors rely on the reported figure and a company's (usually) undisclosed calculation supporting it.

There is no "correct" way to determine a company's fully diluted shares. There is however an accounting convention that public companies use for financial reporting.

In your case, the latter 4Q20 figure, 17.528.214.000, is what the company reports in its FY2020 10-K.

In that 10-K, you'll find the figure reported as "Weighted-average diluted shares," and see that figure is linked to the accounting convention applied (you'll see a pop-up once you click on the figure; scroll to the third panel of the pop-up).

That panel will look like this: FASB rule

Professional investors will often create their own calculations based on their own assumptions to determine a fully-diluted share count that factors in a variety of derivative instruments and securities as disclosed in a company's financial statement footnotes, elsewhere in a 10-K or 10-Q, proxy statements, compensation agreement exhibits, debt indentures (for convertible securities), warrants purchase agreements, and other filings.

Because of the complexity of the above and in order to speak a "common language," most investors rely on the reported figure and a company's (usually) undisclosed calculation supporting it.

Source Link
Catalyx
  • 121
  • 2

There is no "correct" way to determine a company's fully diluted shares. There is however an accounting convention that public companies use for financial reporting.

In your case, the latter 4Q20 figure, 17.528.214.000, is what the company reports in [its 2020 10-K][1].

In that 10-K, you'll find the figure reported as "Weighted-average diluted shares," and see that figure is linked to the accounting convention applied (you'll see a pop-up once you click on the figure; scroll to the third panel of the pop-up).

That panel will look like this: FASB rule

Professional investors will often create their own calculations based on their own assumptions to determine a fully-diluted share count that factors in a variety of derivative instruments and securities as disclosed in a company's financial statement footnotes, elsewhere in a 10-K or 10-Q, proxy statements, compensation agreement exhibits, debt indentures (for convertible securities), warrants purchase agreements, and other filings.

Because of the complexity of the above and in order to speak a "common language," most investors rely on the reported figure and a company's (usually) undisclosed calculation supporting it.