medium · Investment Banking implied-share-price

How are Restricted Stock Units (RSUs) typically treated when calculating fully diluted shares outstanding compared to stock options?

  1. RSUs are treated as debt-like obligations and added to Enterprise Value instead of the share count.
  2. RSUs use the Treasury Stock Method but typically result in lower dilution due to higher strike prices.
  3. RSUs are always excluded until they are fully vested and delivered.
  4. RSUs are added directly to the share count without a buyback offset because they have no exercise price.

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