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Explanation: Here are a few examples, picked up on a Google search:
Diluted Stock When a company reports its earnings per common share, it reports the figure based on the number of shares actually issued. However, there may be ... www.komodosoftware.com/MarketHelp/hs815.htm
The Standard: A Wall Street Darling's First Test
... when only 15 percent of the company's fully diluted stock was publicly traded. But another 68 percent of its total shares will be unlocked in the next few ... www.thestandard.com/article/0,1902,10946,00.html
Do not advise using the term "watered stock"--here are a couple of examples of that term, including an explanation:
... 1869 "Watered Stock" To eliminate "watered stock" (shares issued by a company without authorization), the Exchange requires that all shares of listed companies ... www.nyse.com/about/timeline/16128.html
... watered stock n. shares of stock of a corporation which have been issued at a price far greater than true value. In this case, the actual value of all shares ...