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Time Warner Inc (NYSE:TWX)
Shares Outstanding
856 Mil (As of Dec. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Time Warner Inc's shares outstanding for the quarter that ended in Dec. 2014 was 856 Mil.

Time Warner Inc's quarterly shares outstanding declined from Sep. 2014 (870 Mil) to Dec. 2014 (856 Mil). It means Time Warner Inc bought back shares from Sep. 2014 to Dec. 2014 .

Time Warner Inc's annual shares outstanding declined from Dec. 2013 (943 Mil) to Dec. 2014 (883 Mil). It means Time Warner Inc bought back shares from Dec. 2013 to Dec. 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.

Time Warner Inc Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
Shares Outstanding 1,5701,4081,2541,1941,1951,1451,065976943883

Time Warner Inc Quarterly Data

Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14
Shares Outstanding 974967956951939924911894870856
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