Skip to content

Fully diluted share count

Add every warrant, option and convertible to the basic share count, and see which ones count at the share price you enter.

Example numbers are loaded. Replace them with figures from the company's own filings.
Fully diluted shares
140,000,000
40.0% more than the basic count
Shares if only in-the-money instruments are exercised
128,000,000
Shares those instruments add
28,000,000 (28.0%)
Cash the company receives if those are exercised
$3,960,000
Options are tested at the average exercise price, which can hide tranches that are individually in the money. The notes to the financial statements list each tranche.

How it works

The share count on a quote page is the basic count. It leaves out everything that can turn into shares later. Fully diluted adds all of it, including broker warrants and restricted or deferred share units (enter those with a $0 price).

In the money counts only the warrants and options whose exercise price is at or below the share price you enter, and convertibles whose conversion price is at or below it. Those are the ones a holder has a reason to exercise. Exercising them also brings cash into the company, shown separately.

Each series, with its exercise price and expiry, is listed in the notes to the financial statements and in the MD&A.

Read the guide: Reading a Junior’s Capital Structure: Shares, Warrants, Options →

For education only. Not investment advice. The results are only as good as the numbers entered; check every figure against the company's own filings. See the Disclaimer.

More tools

News release readerPaste a release, get the arithmetic.Dilution calculatorHow a financing changes what you own.Cash runwayMonths of spending left before more money is needed.Grade converterg/t, oz/t, ppm, percent and lb/t.