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How Do You Adjust Shares Outstanding?
Sean: I like the idea of looking at it out multiple years and visualizing the intrinsic value of that changing over time. In my mind, if you're adjusting stock based compensation in the cash flow statement, I wouldn't adjust the shares outstanding because you'd be double counting. Sean: You would want to adjust shares outstanding based on how much buybacks you proceed. And really, you don't see that talked about much, which kind of shocks me.