Drums, I think you're correct. In doing a little research, dilutive securities include restrictive stock. Of course, everything with this company is a big secret. Nobody knows if these shares were granted to IS out of the already existing restricted shares, or if the company carved them out of newly issued common shares. The thing that confuses me is the effect on the SP. Since they have been issued, they belong to IS. However, they are restricted and not tradeable until the lapse of 2 years. So I am not sure if they truly would have a dilutive effect on the SP until such time that they are tradeable and converted into common shares. Maybe someday we will find out.
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