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dumb question:

When a company issues a convertible bond, is the effect of that conversion reflected in the diluted share count if the strike price for that covert is above the current price?

So, for example, stock BCOR has a 4.25% covert at about $22. Current price is $18. Does the latest share count include these converts yet? What about if the price goes into $21? I'm assuming it is fully included at $23, right? Even if the convert is still outstanding?

any help greatly appreciated
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