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Carnival Corp (NYSE:CCL)
Shares Outstanding
778 Mil (As of May. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Carnival Corp's shares outstanding for the quarter that ended in May. 2014 was 778 Mil.

Carnival Corp's quarterly shares outstanding increased from Feb. 2014 (776 Mil) to May. 2014 (778 Mil). It means Carnival Corp issued new shares from Feb. 2014 to May. 2014 .

Carnival Corp's annual shares outstanding declined from Nov. 2012 (779 Mil) to Nov. 2013 (777 Mil). It means Carnival Corp bought back shares from Nov. 2012 to Nov. 2013 .


Definition

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.


Explanation

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.


Be Aware

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.


Related Terms

Net Issuance of Stock, Buy Back Rate


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Carnival Corp Annual Data

Nov04Nov05Nov06Nov07Nov08Nov09Nov10Nov11Nov12Nov13
Shares Outstanding 828834823828816804805789779777

Carnival Corp Quarterly Data

Feb12May12Aug12Nov12Feb13May13Aug13Nov13Feb14May14
Shares Outstanding 778779779779778777777777776778
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