What does "outstanding stock" represent?

Outstanding stock represents the shares that are currently held by shareholders, which includes all the shares that have been issued by the company and are not held in the company's treasury. This is significant because outstanding shares are used in calculating key financial metrics, such as earnings per share (EPS), market capitalization, and shareholder equity.

When looking at this concept, it's essential to understand that outstanding stock reflects ownership in the company and has voting rights associated with it unless specified otherwise. This metric is crucial for investors and analysts when evaluating a company's performance and shareholder relationships.

The other choices highlight different aspects of shares but do not accurately define outstanding stock. Authorized shares refer to the total number of shares a company is allowed to issue, regardless of whether they are issued or not. Repurchased shares are held in treasury and are not considered outstanding because they are not currently owned by investors. Lastly, shares that have been issued but not sold would typically not be recognized in the context of outstanding stock, as they are not in the hands of shareholders. Rather, they remain an unissued part of the authorized shares.