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Airgas Inc (NYSE:ARG)
Shares Outstanding
75 Mil (As of Mar. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Airgas Inc's shares outstanding for the quarter that ended in Mar. 2014 was 75 Mil.

Airgas Inc's quarterly shares outstanding increased from Dec. 2013 (75 Mil) to Mar. 2014 (75 Mil). It means Airgas Inc issued new shares from Dec. 2013 to Mar. 2014 .

Airgas Inc's annual shares outstanding declined from Mar. 2013 (78 Mil) to Mar. 2014 (75 Mil). It means Airgas Inc bought back shares from Mar. 2013 to Mar. 2014 .


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.

Airgas Inc Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Shares Outstanding 77818384848485787875

Airgas Inc Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Shares Outstanding 78787979797775757575
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