Calculating shares

Question 1

Calculating shares

Answer 1

+# of new shares issued
+# of shares repurchased
Basic shares outstanding (EOP)

Question 2

Basic shares outstanding - # of new shares

Answer 2

Forecast the # of shares issued a $ repurchased (current period) / Estimated share price (current period)

Estimate the share price as prior period share price x (1 + current period consensus EPS growth rate)

Question 3

Basic shares outstanding - # of shares repurchased

Answer 3

Forecast the # of shares repurchased as: $ repurchased (current period) / Estimated share price (current period)

Estimate the share price as prior period share price x (1 + current period consensus EPS growth rate)

Question 4

Basic shares outstanding - Basic shares outstanding (EOP)

Answer 4

Subtotal of +# of new shares issued and -# of shares repurchased

Question 5

Average basic shares (for EPS)

Answer 5

Average basic shares + Impact of dilutive securities

Question 6

Average basic shares (for EPS) - Impact of dilutive securities

Answer 6

Calculate the historical difference between basic and diluted shares (usually disclosed in the EPS footnote in the 10K/10Q)