The formula for calculating the shares outstanding consists of subtracting the shares repurchased from the total shares issued to date. Purpose. • Scope of the Investment Policy.• Investment Objectives. The outstanding shares formula is represented as issued shares minus shares held in the company's treasury or treasury stock. Subtract line 22 from line 21 and enter on line 23. This amount represents the amount of outstanding tax liability. In this video, we will study the definition, types of Outstanding Shares and its impact on investors. What are Outstanding Shares(stocks)? Direct Programs: CDBG Entitlement Grant Cluster:. This tax form is not being submitted electronically.