Issued and Outstanding - This term refers to the number of shares of common stock a company has that are both issued to shareholders and that are outstanding on the company's books and records.  It does not include shares of common stock underlying Options or Warrants that have not yet been exercised.  It also does not include shares of common stock that may be owed to others but have not yet been issued. It does include, however, all common stock whether it is restricted or free trading without a legend or other restriction.

Companies that are publicly traded and file their financial reports on EDGAR (Electronic Data Gathering and Retrieval System) are required to report the number of shares of common stock they have issued and outstanding.  This number appears in their quarterly and annual report and is always less than the number of Authorized Shares a company has available and is authorized by state law to issue.

The number of shares issued and outstanding should not be confused with the number of shares of common stock in the Float or the that are  issued and outstanding on a Fully Diluted Basis.