Fannie Mae-No Politics (FNMA)

[Wise Man]

The exercise shares issuable with the Warrant don't compute as shares outstanding to calculate your Beneficial Ownership in FnF, unless you are the holder of the Warrant.
It's explained in the continuation of the screenshot of the SEC rule that I posted yesterday.

Please, don't try to explain financial matters when you haven't checked out the source beforehand.
Just write the disclaimer "Pagliara's clerk", so we know that you are here to mislead the retail investor.