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Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Air Products & Chemicals Inc's shares outstanding for the quarter that ended in Jun. 2014 was 215 Mil.
Air Products & Chemicals Inc's quarterly shares outstanding increased from Mar. 2014 (215 Mil) to Jun. 2014 (215 Mil). It means Air Products & Chemicals Inc issued new shares from Mar. 2014 to Jun. 2014 .
Air Products & Chemicals Inc's annual shares outstanding declined from Sep. 2012 (215 Mil) to Sep. 2013 (212 Mil). It means Air Products & Chemicals Inc bought back shares from Sep. 2012 to Sep. 2013 .
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
If a company buys back shares, we should also observe negative number for Net Issuance of Stock in its cash flow statement. If a company issues shares, we will observe positive number of Net Issuance of Stock.
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
Air Products & Chemicals Inc Annual Data
Air Products & Chemicals Inc Quarterly Data