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Technology Stocks : Dell Technologies Inc.
DELL 127.48-1.4%2:40 PM EST
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To: rkral who wrote (174214)8/12/2004 10:05:54 PM
From: LemurHouse  Read Replies (1) of 176387
 
I don't know the answer Ron, but presumably they would have bought and retired shares soon after the beginning of the quarter, bringing the number of shares down to something below the "weighted average" number. Then later on in the same quarter they would have issued the new shares, causing the absolute number to go back up. The weighted average could still be lower than the beginning or ending numbers because they presumably average the number of shares on a daily basis. I didn't go look, but this is what I would imagine happened just on the face of the numbers you gave.

Not that it matters. Just obfuscates the real issue in my view, which is the total overhang of options granted but not yet exercised, and the cost of those obligations to shareholder equity. As well as the fact that they are still granting options way above what is IMO reasonable or necessary, albeit at a much reduced rate compared with their historical practice.

There's never any hard questioning about this in the conf calls; I think none of the analysts want to make enemies and risk getting shut out. Although it is much more central to shareholders' interests that the minutiae that is so often the subject of Q&A in the calls.

I'm just hoping that Dell's business continues to improve and that the multiple on the stock price expands so that I can lighten my position before the FASB finally hands down the new rules on options costing.
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