31.   Earnings per share grow when profits increase or the number of shares outstanding declines.

32.   Earnings per share fell because the number of Wells Fargo shares outstanding almost doubled in its purchase of First Interstate Bancorp.

33.   Eric Melloul, a securities analyst with Argus Research, said that the ratio of options to outstanding shares was relatively small and that the potential dilution was manageable.

34.   Fewer shares outstanding also translates into higher earnings per share and a higher stock price.

35.   Fully diluted means per-share earnings reflect the number of outstanding shares that would result if all convertible securities were converted into stock.

36.   Guenzel said the bank may sell some common shares in the future, but it expects to maintain control over at least a majority of the outstanding common shares.

37.   Gucci has already bought back some outstanding shares.

38.   He said support of two-thirds of the shares outstanding would be needed to change the board.

39.   He would not say what portion of the outstanding shares would have to be voted for the proposal in order for it to pass.

40.   If its offer is successful, however, Onex said it would try to acquire all the remaining outstanding shares at the same price.