as far as I know its just the stock price X listed shares
the options dont count as they are not shares yet and may not be checked in if the price goes bad.
But what you want to look at is the options and unlisted shares anyway,
so if you have say 100,000,000 shares and 80,000,000 options, even though you dont count the options in the market cap, your best add them because that will be the price once diluted.
the thign thats important is the EPS, if the EPS is 10c then you can say the stock price is worth $1.50 using a PE of 15..
If there are 100,000,000 share, but there are 80,000,000 options about to be converted next year then that drops your share price from $1.50 to about 90c..
So when you value your company, you really want to take the options, and unlisted share into account so you dont over value your stock.. because the idea is what is will the stock worth tomorrw, not what is it worth today.
