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Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Lorillard Inc's shares outstanding for the quarter that ended in Dec. 2014 was 360 Mil.
Lorillard Inc's quarterly shares outstanding increased from Sep. 2014 (360 Mil) to Dec. 2014 (360 Mil). It means Lorillard Inc issued new shares from Sep. 2014 to Dec. 2014 .
Lorillard Inc's annual shares outstanding declined from Dec. 2013 (374 Mil) to Dec. 2014 (361 Mil). It means Lorillard Inc bought back shares from Dec. 2013 to Dec. 2014 .
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.
Lorillard Inc Annual Data
Lorillard Inc Quarterly Data