The formula for calculating the shares outstanding consists of subtracting the shares repurchased from the total shares issued to date. Generally, both of these figures can be found on a company's balance sheet.Outstanding shares = Issued shares - Treasury shares. The basic number of shares outstanding is simply the current number of shares available on the secondary market. Here's how to find that number. The formula is total issued shares minus treasury shares. Market Capitalization: Outstanding shares play a central role in calculating a company's market value. The weighted average shares outstanding represents a company's normalized, timeweighted common share count across a specified period of time. Shares outstanding = Authorised shares Treasury stock. Example of calculating shares outstanding.