The Stalwart says that had it not been for 12% more shares outstanding, Apple would have much better earnings growth. “Net income grew 532% while diluted EPS *only* 482%,” he says. In addition, he points out that while iPod unit shipments are rising, the iPod revenue/unit is falling fast, but still revenue is up a lot. (16% unit growth with 9% revenue growth.) In other words lower priced models iPod Shuffles and Minis are beginning to outpace larger devices, and of course this might be an indication that people really don’t want 60GB iPods.