Sorry, but Siri's outstanding shares is just one of the reasons along with its dilution ...
Outstanding shares IS dilution, same thing. The share value is diluted due to the number of outstanding shares.

When Siri traded over 255M shares in one day last week, you can bet that half of those shares don't even exist because they gave the shares away to insiders and to creditors.
Those shares do indeed exist, they just weren't brought to market via an offering but instead were used as payment in some form. It makes no difference, they are shares of the company just like those brought to market in an IPO or subsequent offering. And they all contribute to share dilution.

It doesn't have enough of anything to flood the market.
It has enough shares outstanding to flood the market and dilute the value. I own some Sirius as well and it has done well for me but they have killed the share price but flooding the market. The fact that they flooded the market using the stock and options instead of cash as payments does not make a difference to us share holders, they have still flooded the market with a tremendous amount of shares. The shares given to Stern, etc. They are shares just like any other and hurt share value. When you look at earnings per share ALL shares are included in that.