The last price at which a stock was sold multiplied by the number of outstanding shares of voting and non-voting stocks that are held by public investors, not company directors or executives. Depending upon whether the float is in conjunction with a stock offering, regulators may specify a certain time frame within which the calculation must be made, such as 60 days within the date a registration statement is filed. Stock exchanges typically use public float figures to determine whether companies meet minimum listing standards, rather than looking at market capitalization, which includes the figures from both public shareholder and company directors and executives.