You're absolutely right, in terms of what is more specifically called by some a "free float." this float, in the case of navr, is closer to 6m shares. but institutional shares are part of the float by the usual measurements, unless they're 5% owners, and even though institutions tend to trade less often. however you like your float, the short interest for navr is obscene for a value company, that 43.90% obscene enough by the common measurement of floats yahoo correctly uses and most people use, though, like you, i prefer to look at the actual free float occurring day to day, for more practical reasons.
whatever the case, some of you, who strain to appear otherwise, are simply screwed shorts, when the market catches up to what a good company navr really is!!!!!!!!!!!!!!!!!!!!!
Some general comments on this subject. Before I started checking this message board, I was under the impression that when we bought stock, the certificates were sent to our brokerage company and held there for us. We could pick them up, if we wanted, or they would hold them until we traded. It was pointed out here that that's not the case. The certificates go to, and are held, by an (organization?), that was founded by (brokerage companies) - its not a government outfit. (I'm not sure if I have all this correct; but it's as best as I remember) If the certificates don't show up within a certain period they are considered "naked". I believe the brokerage company buying and/or selling the shares with no certificates are notified, and there is a certain time in which those shorted have to be covered.
The complaint was that "that organization is not joing it's job and it is taking a long, long time for them to act. This wasn't all that bad, until there was a whole lot of naking shorting - like with this stock.