The formula for calculating the shares outstanding consists of subtracting the shares repurchased from the total shares issued to date. The outstanding shares formula is represented as issued shares minus shares held in the company's treasury or treasury stock.Generally, both of these figures can be found on a company's balance sheet. Outstanding shares = Issued shares - Treasury shares. The formula is total issued shares minus treasury shares. Here's how to find that number. Shares outstanding = Shares issued - Shares repurchased. The number of shares outstanding is equal to the total number of issued stocks minus the number of stocks held in the company's treasury. Here is what you need to know and how it works. The number of shares outstanding will always be equal to shares authorized minus the treasury stock.