ABSTRACT A theory is given that allows inbreeding coefficients to be calculated exactly for populations with overlapping generations. Emphasis is placed on providing equations well suited for computer iteration. Both monoecious and dioecious populations are considered and family size is not restricted to being Poisson. One-locus and two-locus inbreeding coefficients are evaluated, although the reader may omit the two-locus sections. The exact treatment is shown to be preferable to approximate treatments in that it applies to both early and late generations for all populations sizes. Inbreeding effective numbers found by the exact treatment are compared to various approximate numbers, and the approximate values are found to be generally very good.