Right, but that number is still based on share count. When you see the MC listed anywhere it's always based on the outstanding shares unless otherwise stated. Outstanding shares x the price of one share = market cap. Using the fully diluted share count gives you the MC if all warrants and stock options are exercised. This really just comes into play when you are trying to put a value on a company. So let's just say you believe we should be valued at $1B. Based on the outstanding shares of ~46M that would mean a SP of ~$21.74. If all warrants and company stock options are exercised the share count would jump to ~70M. If you still believe the company to be worth $1B then that would mean a share price of ~$14.29.
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