Hi Hardly:
Oracle had 136,826,000 shares outstanding on May 31, 1990. This figure is available in the 1990 Oracle annual report in PDF format at the Oracle website. The following list of stock splits is also available on the Oracle website:
October 12, 2000 2 for 1
January 18, 2000 2 for 1
February 26, 1999 3 for 2
August 15, 1997 3 for 2
April 16, 1996 3 for 2
February 22, 1995 3 for 2
November 8, 1993 2 for 1
If one starts with the 136.826 million shares (which I don't know whether is "basic" or "diluted") and then runs through the splits, it puts Oracle at 5,541,450,000 shares outstanding. As of the recent quarter ending November 30, 2002, Oracle reported 5,309,000,000 basic shares outstanding and 5,420,000 diluted shares outstanding. So it does indeed seem that Oracle share buybacks during this period have more than offset, exercised stock option dilution since 1990.
By the way, I have never been 100% clear what the "basic" and "diluted" designations on the income statement measures. I suspect in the money, unexercised options are included in the diluted outstanding share figure, but that out of the money unexercised options are not included in the diluted shares outstanding figure. Basic shares outstanding is actual shares issued and outstanding? Perhaps JSwanson can answer this.
Regards, Huey |
