You forget about Pags' yearly reverse split. Multiply 9.6B shares x 200 and then by 100. 200= 2008 reverse split ratio. 100=2007 reverse split ratio. The resultant number is how many oustanding shares are really out on a pre-reverse-split ratio. Boggles the mind, doesn't it? Won't be long now until the next reverse split - 1:1,000 this time, IMO.