You would take the authorized shares and subtract

You would take the authorized shares and subtract the outstanding. Theoretically, those shares could be retired. Chicago made my point a little easier to understand though. I don't think there is a shot in hell that we retire any shares. It's cheaper than our existing credit line financing, and not smart to put the company in a cash strapped bind.

Sorry, on my iphone with 1 bar, or I'd do the math for you and make a bit more sense. Just takes forever and a year to load.