Time for a lesson in Accounting 101
You only assume conversion or exercise of any derivative security if it both increases the number of potential shares O/S above the actual number of shares and if the there is NET INCOME versus a NET LOSS. By it's very meaning (FULLY DILUTED), you don't increase the shares O/S in the calculation if there is a loss because it actually lowers the "loss per share", as in making it closed to break-even than the calculation of basic EPS.
If basic EPS is a loss of $0.05 per share and you assume the conversion of all "in the money" derivative securities, the EPS would be a loss of $0.03..........you do not add those shares because it does the OPPOSITE of dilution. You report a fully diluted loss of $0.05 and shares at the same amount as in the BASIC EPS calculation
You only add shares to the calculation of fully diluted EPS when there is a profit and thus reflecting the number on would expect as all persons will be assumed to convert "in the money" derivative securities.
For those that read MB posts and not actually look at SEC filings and understand basic Accounting 101, NGHT reported a NET LOSS in Q1 and therefore by regulations and GAAP, the Fully diluted shares amount CAN NOT exceed the Basic EPS share count.
If NGHT had reported a profit for Q1, the fully diluted EPS shares amount would have been around 95 million shares.
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