Ms. Hartley in my opinion is dead wrong in her response to your question.

Threasury stock is stock that is authorized and already issued and therefore is considered part of shares that are outstanding but just controlled by the company.

Shares that are authorized but that are not issued or in Treasury are shares that are for all intents and purposes do not exsist and not outstanding and are not until the company prepares the paperwork that creates them.

The fact that a company may have a billion shares authorized means nothing on a day to day share price or dilution basis if only ten million of those shares are issued and available immediately for free float.

Of course I may be wrong but I do not think so. Nez, good question and once again I did not mean to imply that you were wrong....

God Bless

marc