MarketXLS

Weighted Average Shares Diluted (Historical)

Returns the weighted average number of diluted shares outstanding during a fiscal period. This includes basic shares plus the dilutive effect of stock options, warrants, convertible securities, and other potentially dilutive instruments.

Parameters

Parameter Required Description
Symbol Yes Stock ticker symbol (e.g., AAPL, MSFT)
Year Yes Fiscal year (2023) or period code (lq, ly)
Quarter No Quarter number 1-4 (default: 1)
TTM No Set to "TTM" for trailing twelve months

Period Codes

Code Description
lq Last reported quarter
lq-1 One quarter ago
ly Last fiscal year
ly-1 Previous fiscal year
lt Last twelve months (TTM)

Notes

  • Includes basic shares plus dilutive securities
  • Uses treasury stock method for options/warrants
  • Uses if-converted method for convertibles
  • May equal basic shares if dilution is antidilutive

Syntax

=hf_Weighted_Average_Shares_Diluted(Symbol, Year, [Quarter], [TTM])
Excel Desktop (Windows)

Parameters

symbolstringRequired

Stock ticker symbol

yearstringRequired

Fiscal year or period code (e.g., 2023, lq, ly)

quarterstring

Calendar quarter (1-4)

TTMstring

Set to 'TTM' for trailing twelve months

Returns

number

Weighted average diluted shares outstanding

Examples

=hf_Weighted_Average_Shares_Diluted("AAPL", 2023, 4)
Q4 2023 diluted shares
=hf_Weighted_Average_Shares_Diluted("MSFT", "ly")
Last fiscal year
=hf_Weighted_Average_Shares_Diluted("NVDA", 2023, , "TTM")
Trailing 12 months
=hf_Weighted_Average_Shares_Diluted(A1, B1, C1)
From cell references

When to Use

  • Calculating diluted EPS manually
  • Measuring potential dilution from stock compensation
  • Tech company analysis with significant equity compensation
  • Conservative market cap estimates
  • Understanding fully diluted equity value

When NOT to Use

Scenario Use Instead
Need basic shares hf_Weighted_Average_Shares()
Need current shares Shares_Outstanding()
Need tradeable shares FloatShares()
Need diluted EPS directly hf_Earnings_per_Diluted_Share()

Common Issues & FAQ

Why might diluted shares equal basic shares?

If including dilutive securities would increase EPS (antidilutive), they're excluded, making diluted = basic.

How much dilution is typical?

Varies by industry. Tech companies often have 2-5% dilution from stock options. Calculate: (Diluted - Basic) / Basic.

Does this include all outstanding options?

Only "in the money" options that would be dilutive are included, using the treasury stock method.

Related Formulas

More MarketXLS Historical Fundamentals formulas you can use in the same worksheet:

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