Now, let’s calculate the target’s fully-diluted shares outstanding (“FDSO”), as we will need this figure to calculate enterprise value in the next step. Our calculations will be based on our implied transaction price per share rather than the current market share price. FDSO includes share equivalents from both in-the-money (“ITM”) options and convertible securities. As before, incremental shares from the exercise of ITM options are calculated using the treasury method. You may need to scroll the spreadsheet to the right to view the FDSO calculations.