# How is BVPS calculated for common shares vs for preferred shares?

I've read a whole bunch of articles (eg: BVPS Definition) and all of them say BVPS is calculated using a formula similar to this:

(total shareholder's equity - preferred equity) / total outstanding shares

Correct me if I'm wrong but I'm assuming that this formula is for common shares? (articles didn't specify) But if you were to try to find the ratio of equity available to common shares to the number of shares wouldn't it be more logical to divide it by outstanding common shares instead of total outstanding shares? Or does outstanding shares only include common shares? The reason I get the idea that it'd be more logical is cause when I searched up how BVPS for preferred shares is calculated it shows this formula:

equity available to preferred shares / outstanding preferred shares

So is it that the former formula (for common shares) assumes total outstanding shares to be understood as "total" common shares outstanding