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Toll Brothers Inc (NYSE:TOL)
Shares Outstanding
186 Mil (As of Oct. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Toll Brothers Inc's shares outstanding for the quarter that ended in Oct. 2014 was 186 Mil.

Toll Brothers Inc's quarterly shares outstanding declined from Jul. 2014 (187 Mil) to Oct. 2014 (186 Mil). It means Toll Brothers Inc bought back shares from Jul. 2014 to Oct. 2014 .

Toll Brothers Inc's annual shares outstanding increased from Oct. 2013 (178 Mil) to Oct. 2014 (186 Mil). It means Toll Brothers Inc issued new shares from Oct. 2013 to Oct. 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.

Toll Brothers Inc Annual Data

Oct05Oct06Oct07Oct08Oct09Oct10Oct11Oct12Oct13Oct14
Shares Outstanding 169165164159162166168170178186

Toll Brothers Inc Quarterly Data

Jul12Oct12Jan13Apr13Jul13Oct13Jan14Apr14Jul14Oct14
Shares Outstanding 170175172178178178185186187186
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