My understanding is that the 10,496 is the actual shares outstanding as of March 31st. The 10,853 is a weighted average for the 2nd quarter (the 2nd number would be the weighted average over the 1st half of the year). They use the weighted average to calculate EPS.
If you go back and look, there were secondary offerings in the 1st half of 2013. If memory serves me correctly, those occurred in Jan, March and June. Because the offering in the 2nd quarter (for example) occurred so close to the end of the quarter/half, the weighting is less of an impact than if it occurred in April
BTW, the hard count as of Dec 31 2012 was 9,789 (adjusted for post-R/S).
Figuring this stuff out is driving me nuts. If I don't though, I'll always be relying on uninformed EPS guesses from anal-lists who don't know the first thing about the stock. I actually had some Q-1 numbers I was trying to figure out, and even though I didn't fully grasp how the calculations are done, I was a hell of a lot closer to the actual GAAP EPS than any of the numbers posted by any of the (unnamed) anal-lists. BTW, that was one of the big things I took away from Q1. If some website, any website, no matter what "stature" it may carry in the market, publishes EPS estimates but doesn't source who put out the estimates, it could very likely be nothing more than a wild guess.
I'm still working on a complete understanding. It's tough to find a thorough explanation of what happens with warrants quarter over quarter, so instead of trying to read a few thousand pages of accounting books, I'm working in reverse with the basic understanding that I'm developing and applying it to past filings to test my assumptions. What I would give for a conversation with someone knowledgeable at this point!
