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Legg Mason Inc (NYSE:LM)
Shares Outstanding
118 Mil (As of Jun. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Legg Mason Inc's shares outstanding for the quarter that ended in Jun. 2014 was 118 Mil.

Legg Mason Inc's quarterly shares outstanding declined from Mar. 2014 (120 Mil) to Jun. 2014 (118 Mil). It means Legg Mason Inc bought back shares from Mar. 2014 to Jun. 2014 .

Legg Mason Inc's annual shares outstanding declined from Mar. 2013 (133 Mil) to Mar. 2014 (122 Mil). It means Legg Mason 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.

Legg Mason Inc Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Shares Outstanding 116130144144141155155143133122

Legg Mason Inc Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
Shares Outstanding 140139134132129125123121120118
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