I wasn't quibbling with your estimate, just an estimate anyway of the issued shares outstanding, but with that it is the same number as when you made the estimate.
Since August 24th 7M shares have been traded, so why would the outstanding number of issued shares not drop? There are 5 posts a day most everyday about issued shares being dumped. Why wouldn't you assume, for instance, that 20% of shares sold are from that pool, so your 4m-6m estimate becomes 2.6m - 4.6m, and we don't know how many of your original 4m -6 m will be not be sold this year.
And I hope you are right about no more shares to be issued in 2012, but we do not have definitive proof of this.
We do know that in the probable worst case, shares issued in 2101 reduce the maximum issuable in 2013, assuming authorized is not raised.
We also know that new issuance will decrease, and that absorption is improved.
Finally, and most importantly we have the specter of a bond offering.
$.60 is the Q4 $.40 of Q2/Q3?
