1. The reported share count was a weighted average. If the company was diluting during Q1, then the actual share count on March 31st could be much higher.
2. Who said the dilution stopped March 31st? Perhaps 500 million share traded gives you an indication of how much more dilution was taking place.
IMO, Black's weighted average shares have never made sense mathematically, leading me to conclude that the numbers (ALL of the numbers) are fictional.