Intel Corp (INTC)

[Professor MD]

RE: Vested stock option shares are counted as outstanding shares if they are in the money or not if they are out of the money.

Please look at the actual published report of the 3rd q 09. The number of “shares outstanding- basic” was reduced by 30 million.
The “dilutive effect of employees incentive plans” (28 million) and “dilutive effect of convertible debt” (51 million) were printed separately.

In other words your criticism is wrong.
Please think of another excuse for the missing $600 million.