Fully Diluted Shares Outstanding — used as the denominator in equity value: FDSO = Basic + Net TSM Shares from ITM Options/Warrants + If-Converted Shares from ITM Convertibles + Vested RSUs + Mandatory Convertible Shares. Out-of-the-money options/converts are anti-dilutive and excluded. RSUs are added 1-for-1 because there is no exercise price (no TSM offset). For convertibles settled under Net Share Settlement (NSS), only the in-the-money excess is dilutive — principal stays in debt.