I'm reading through an annual report for Velti inc. It says the average number of shares outstanding are 55,865,000
I am trying to figure out how they got this number but it doesn't seem to add up.
My calculation is = ordinary shares at end of 31st Dec 2010(38,341,760) + ordinary shares at end of 31st Dec 2011 (61,790,985) / 2
But I am not getting 55,865,000. What am I doing wrong?
I got the numbers from 2011 and 2012 annual report http://investors.velti.com/annuals.cfm
Thanks in advance