21.   But when measuring by market capitalization, or the value of all outstanding shares, California companies lead.

22.   Buybacks raise the value of outstanding shares and represent one way of returning profits to shareholders.

23.   Buybacks are liked by many investors because they cut the number of shares outstanding, which can help boost per-share earnings and stock prices.

24.   Chief Executive Nick Leslau said in an interview that earnings per share fell partly because there were more shares outstanding after a rights offer.

25.   Companies can either reissue the shares once the price has risen, boosting earnings, or cancel the shares, boosting dividend payments and the value of outstanding shares.

26.   Companies with high stock prices and lots of shares outstanding get more attention than companies with lesser market capitalizations.

27.   Divide that number by the shares outstanding to get book value per share.

28.   Does this really represent all the outstanding shares, or are there a lot of other shares held by company insiders?

29.   Each issued and outstanding share will be converted into the right to purchase a newly issued share in the combined company.

30.   Earnings per share fell because the number of Wells Fargo shares outstanding almost doubled in its purchase of its Los Angeles-based rival.