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Danaher Corp (NYSE:DHR)
Shares Outstanding (Diluted Average)
706 Mil (As of Jun. 2015)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Danaher Corp's average diluted shares outstanding for the quarter that ended in Jun. 2015 was 706 Mil.


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.

Please note: GuruFocus named Shares Outstanding (EOP) is the shares for that exact time point. It is usually used to calculate balance sheet related items, such as Book Value Per Share, etc. While Shares Outstanding (Diluted Average) and Shares Outstanding (Basic Average) are the weighted average shares over a period of time (a year, a quarter, or so). They are usually used to calculate income statement or cashflow statement related items, such as Earnings Per Share, etc.


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, Shares Outstanding (EOP)


Historical Data

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

Danaher Corp Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
Shares Outstanding (Diluted Average) 656651659672671683701713711716

Danaher Corp Quarterly Data

Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15
Shares Outstanding (Diluted Average) 708710712714715716716718719706
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