Which of the following describes shares outstanding?

Shares outstanding refers to the total number of shares issued by a company that are currently held by all shareholders, including institutional and retail investors. This includes the shares that are actively circulating in the market and are held by shareholders. Therefore, describing shares outstanding as the total of all shares issued up to the current date accurately captures the comprehensive nature of this measurement.

This concept is integral for understanding a company's market capitalization, as it is calculated by multiplying the share price by the total shares outstanding. It does not include shares that the company may have repurchased and held as treasury stock, nor does it factor in options, warrants, or convertible securities. Thus, focusing solely on the total shares issued aligns precisely with the definition of shares outstanding in financial contexts.