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To: Leroyt who wrote (709)	5/6/1998 8:24:00 PM
From: Double Dipper	Read Replies (1) \| Respond to of 8879

Leroy, It is my understanding that the float is the freely trading shares which can be exercised immediately. These include the unrestricted but tightly held (management shares) as opposed to warrants and shares with price or time limit restrictions place on them. Sometimes companies with 20 mil shares outstanding say that they have 5 mil in the float with 5 mil restricted and 10 mil tightly held by management. However, the trick is to learn if the 10 mil are exercisable or have their own restrictions on them. If the 10 mil are immediately exercisable, then they may only be subject to SEC rules as applicable for trading in which case they could be considered float. There is a website that covers these details but some of them are open to interpretation. I had the website bookmarked but lost it when my harddrive died a few weeks back. Anyway, that is why you see different explanations. None of them are wrong just different. Generally, I use the total O/S and float (freely trading) numbers given out by the company since that is about all you can go by. Kevin