# Diluted shares

> The weighted average number of shares outstanding in a period, including the shares that options and convertibles would add.

Updated Oct 17, 2026.

Diluted shares is the weighted average number of common shares outstanding during a period, plus the shares that options, restricted stock units, warrants and convertible securities would add if they turned into shares and would reduce earnings per share. It is the denominator of [diluted EPS](/glossary/diluted-eps).

## How Listed shows it

As reported, under the XBRL concept `WeightedAverageNumberOfDilutedSharesOutstanding`, for each period the company reported it.

## What it is not

- **Not the shares outstanding today.** The cover page of a 10-K or 10-Q gives the number of shares outstanding on a recent date. That is a count at one moment; diluted shares is an average over the period, with dilution added.
- **Not additive.** A year's diluted share count is weighted across the year. It is not the sum of the quarters, and Listed does not derive a Q4 figure from it.

## Reading it

A falling share count usually means the company is buying back stock; a rising one means it is issuing stock, often to employees as pay. Item 5 of the 10-K and Part II, Item 2 of the 10-Q show buybacks.

## When it says "not reported"

The company does not tag a diluted weighted average share count for the period, or uses a concept of its own.

## Related terms

- [Diluted EPS](/glossary/diluted-eps.md)
- [Net income](/glossary/net-income.md)
- [Form 4](/glossary/form-4.md)

All terms: [/glossary.md](/glossary.md)