A cap table is a record of who owns what in your company. The dilution is the reduction of existing owners' percentages when new shares are issued. Fully-diluted has it count all shares as if every option, warrant, and convertible were exercised or converted. If it's as-converted, it expresses preferred and convertible holdings as the common shared they would become.
Reading your cap table on as fully-diluted, as-converted basis gives the most complete ownership picture
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