To calculate the diluted number of shares, you start off with your basic number of shares outstanding that's not available to you, you can find the issued number of shares minus any treasury stock We want to find the basic shares outstanding from the most recent filing We don't want two three years ago, we don't want an average number If you were looking at an American Company, this would typically be on the front page of the 10-K or 10-Q Next up, we want to add on any net new shares created from options And the number of options we're going to look at here is going to be your options outstanding We're not interested in options exercisable or options vested We then add on any restricted stock units. Now we have to be very careful here that we don't include restricted shares They do look and sound the same but they are different Restricted shares are just some of your basic shares outstanding that have some restrictions placed on them We've already included them at the top Next up, if you have any convertible bonds You look at the conversion terms and you see how many shares they would convert into "at the moment" Add all of them up, that gets us to our fully diluted shares outstanding