IAM Business For Generations, page-169

to be fair however, its best to consider whether fully diluted applies on a case by case basis,
my understanding here is that the scenario where the perfromance shares are in play is a completely different entity with 1-4 NPAT targets met. So in the case of IAM I agree with Arch, its best to leave them out when discussing the MC that reflects the company as it is now

In some other scenarios where perfromance shares are based on less company changing criteria, then its wiser to include them when thinking about MC and value vs risk and reward

Just my opinion