First some definitions: FULLY DILLUTED SHARES:
The total number of shares that would be outstanding if all possible sources of conversion, such as convertible bonds and stock options, were exercised. Companies often release specific financial figures in terms of fully diluted shares outstanding (such as the company’s profits reported on a fully diluted per share basis) to allow investors the ability to properly assess the company's financial situation.
An investor should consider carefully the fully diluted share amount because it can cause a company's share price to plummet significantly if a large number of option holders or convertible bond holders decide to claim their stock.
For example, let's say that TKO currently had 57 million shares outstanding, as of 11-1-06 per the Q3 filing, and 10,860,264 options (employee and non-employee), warrants. Convertible bonds, shares used to purchase services rendered, shares to purchase a subsidiary outstanding (assuming each option gives the right to buy one share) and the share price AVERAGE is $3. If everyone decides to exercised their options, there would be ~ 68 million shares outstanding and the share price would likely drop to $2.51 .
Worse case scenario using the number provided in the Q3 filing.....I would say there was dilution back then.
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