Although the shares remain issued, they are no longer considered part of the total shares outstanding that are taken into account in calculating earnings per share or market capitalisation.

虽然这类股票仍算作已发行，但在计算每股收益或市值时不再算入发行在外的全部股票中。

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Piotroski also wants to see no increase in shares outstanding, a rising gross margin from the previous fiscal year, and finally, rising year-over-year asset turnover.

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In Singapore, for example, the authorities have limited stock options to no more than 15% of outstanding shares, thus restraining the dilutive effect of options on earnings.

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