No kidding. Very basic statement that Market cap is very simple....Share price x OS , but that is not what I am implying there is a little more to it. Let me explain it this way. You have to take into account fully diluted shares, which is the total number of shares that would be outstanding if all possible sources of conversion, such as convertible bonds and stock options, were exercised ( another reason for more A/S if Joe wants to exercise his options). Companies release financial figures in terms of fully diluted shares outstanding such as the company's profits reported on a fully diluted per share basis to allow investors properly assess the company's financial situation, which would affect the stock price and market cap. An investor should consider carefully the fully diluted share amount because it can cause a company's share price to plummet significantly if a large number of option holders or convertible bond holders decide to claim their stock. This is the point I was trying to make. Of course by improving their balance sheet and earnings, the valuation/ market cap, and enterprise value should appreciate, but that is a while away.
