A 15% Share Count Increase Is Not a 15% Ownership Loss

A new share issue changes the denominator. That sounds obvious until a report uses “15% dilution” without saying which denominator it means. Here is a small synthetic case you can recalculate without a market data subscription.

Set up the scenario

1. Open the local calculator and load the example.
2. Start with 100,000,000 shares outstanding and a holding of 1,000,000 shares.
3. Use USD20,000,000 of net income for one fixed period.
4. Add an issuance of 10,000,000 shares, followed by 5,000,000 shares of vested RSUs. Assume both events are complete at period end and you receive none of those shares.

Read three different changes

Ending shares = 100,000,000 + 10,000,000 + 5,000,000
              = 115,000,000
Share growth = (115 / 100 - 1) × 100 = 15%
Starting ownership = 1 / 100 × 100 = 1%
Ending ownership = 1 / 115 × 100 = 0.869565%
Relative ownership dilution = (1 - 100 / 115) × 100
                            = 13.043478%
Ownership drop = 1% - 0.869565% = 0.130435 percentage points

The share count grew by 15%. Your proportion declined by about 13.04% relative to your starting proportion. Its absolute change is about 0.130435 percentage points. These are not interchangeable descriptions.

Add a buyback, then save the assumptions

Add a buyback event of 6,000,000 shares. The new ending count is 109,000,000 and your proportion is approximately 0.917431%. The calculator assumes you do not sell into the buyback. Save the JSON scenario, reopen it and confirm that the event order and numbers return. The JSON stores inputs, not a verified filing or a price forecast.

With constant income, the original 115-million-share case gives USD0.173913 per ending share. This is a simple scenario ratio, not statutory diluted EPS. For research against actual disclosures, Eqvero’s analytics is a related resource maintained within the same ecosystem; read the original documents before replacing any scenario assumptions.