Outstanding shares are those that have been previously issued by the corporation and have not been repurchased or redeemed. In other words, the outstanding shares are those that are "out there" held by shareholders rather than by the corporation itself (for example, as treasury shares). The number of shares outstanding can be distinguished from the number of authorized shares, which is the total number that can be issued by the corporation as set forth in its articles of incorporation. The number of authorized shares will always exceed the number of outstanding shares. The term "issued and outstanding" is the same as outstanding because shares must first be issued to be outstanding.