Obviously, you are not thinking of the future which is what stock value is traded upon. Just because a share increase is authorized does not mean it instantly happens. As those shares are allocated (for future investors), yes, technically there is dilution at that instant. However, they are doing this to (hopefully) increase company value, so as company value increases so will share value. Thus, dilution will be negated. That is why not everybody is running for the exit as you tried to scare them to do.
It may be overpriced for you, but not as a rule. If it were overpriced then people would not buy. The volume has actually increased in two years, and price is still climbing. Therefore, it is not overpriced. Now about your evidence, and I mean evidence not your opinion?