diff --git a/src/stv/mod.rs b/src/stv/mod.rs
index 1971f6b..a6cd1e2 100644
--- a/src/stv/mod.rs
+++ b/src/stv/mod.rs
@@ -929,18 +929,18 @@ where
 
 /// Declare all continuing candidates elected, if the number equals the number of remaining vacancies
 fn bulk_elect<N: Number>(state: &mut CountState<N>, opts: &STVOptions) -> Result<bool, STVError> {
-	if state.election.candidates.len() - state.num_excluded <= state.election.seats {
+	let mut hopefuls: Vec<&Candidate> = state.election.candidates.iter()
+		.filter(|c| {
+			let cc = state.candidates.get(c).unwrap();
+			return cc.state == CandidateState::Hopeful || cc.state == CandidateState::Guarded;
+		})
+		.collect();
+	
+	if state.num_elected + hopefuls.len() <= state.election.seats {
 		state.kind = None;
 		state.title = "Bulk election".to_string();
 		
 		// Bulk elect all remaining candidates
-		let mut hopefuls: Vec<&Candidate> = state.election.candidates.iter()
-			.filter(|c| {
-				let cc = state.candidates.get(c).unwrap();
-				return cc.state == CandidateState::Hopeful || cc.state == CandidateState::Guarded;
-			})
-			.collect();
-		
 		while !hopefuls.is_empty() {
 			let max_votes = hopefuls.iter()
 				.max_by(|a, b| state.candidates.get(**a).unwrap().votes.cmp(&state.candidates.get(**b).unwrap().votes))