According to The SEC Rules ,,,
IF copi Ever makes a Profit , it MUST Report 'Earnings' as
FULLY DILUTED EARNINGS PER SHARE , counting ALL Possible
Conversions from Preferreds and CDs to commons.
But, while copi keeps Losing money, it MUST Report Losses
as LOSSES PER OUTSTANDING COMMON SHARE , NOT COUNTING ANY
UNconverted Preferreds or CDs ; because that would make the
losses per share appear to be smaller than they actually are.
[The SEC calls that 'anti-dilutive' .]
This is well known to Investors who buy shares in companies
that usually make a Profit. But often a surprise to those
who only buy shares in companies that Never make a profit.
So, cargo, we agree with your interpretation,
[that Only the Trading Float counts] , Assuming that copi
will Never Actually Report a Profit , in Any Future Quarter.
extra , Sincerely .
P.S. ; A few Quarters ago , copi used to predict when they
Might become 'cash-flow neutral' [which means , Not-quite
profitable] , but they quit doing even that. Probably [IOO]
because copi had to keep changing [=extending] the Targeted
Quarter , which was not useful for inspiring optimism in
current + potential 'investors' in copi. Or, maybe, the SEC
told copi to quit overly-optimistic projections , if they
could not be fully supported by current Facts + trends. But,
we're just guessing about those Facts ; but not guessing
about the current + recent copi trends.
Averaging-down is profitable, for shorters, only.
