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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (27240)	1/6/1999 2:31:00 PM
From: aknahow	Read Replies (1) \| Respond to of 32384

Simply because LGND reports earnings on a diluted basis does not mean that the issuance of more shares is not dilutive. Bear in mind that for a company operating at a loss reporting on a diluted basis results in a "lower" loss per share. For 1997 LGND outstanding shares were 31,799,617 and the company used 1,328,755 more or 33,128,372, to calculate diluted earnings. They, obviously, follow correct SFAS standards but I think this in no way means that the total maximum potential shares that could be issued is used in the dilution calculation. Note that for the same financial period there were over 6 million in warrants outstanding.