The number of fully-diluted shares is not a constant over the lifetime of a company. It can be increased or decreased at the will of the board of a company. Kno

The number of fully-diluted shares is not a constant over the lifetime of a company. It can be increased or decreased at the will of the board of a company. Knowing this number does not mean that more shares will not be issued. Typically, companies will give you the number of shares outstanding, which is misleading and does not include any unexercised options. Fully-diluted shares is the best number to use when calculating outcomes, as it assumes that all existing convertible notes, preferred stock, and options will be converted into shares at some point in the future.