Fully diluted EPS considers all potential shares that are in issue, whether or not they have been issued. These include potentially dilutive securities such as warrants, convertible bonds, options etc., but also take into account contingently issuable shares. Normally diluted EPS only considers those shares actually issued and outstanding. Contingently issuable shares are those that will be issued under specific circumstances such as the sale of a subsidiary etc., at which time they become dilutive. It is important to note that contingently issuable shares can affect both normally and fully diluted EPS, but only actually issued and outstanding shares relate to normally diluted EPS.