Weighted-Average Shares Outstanding (Diluted): The number of shares held by shareholders including insiders but not including a company's treasury shares assuming conversion of all convertible debt, securities, warrants and options, sourced from the company 10-K or 10-Q SEC reports.

Salem Media Group, Inc. (SALM) had Weighted-Average Shares Outstanding (Diluted) of 27.21M for the most recently reported fiscal year, ending 2022-12-31.