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I know it is not only the number of followers.

But it is somehow related with +1s on page's posts, page's followers and page's +1s.

Also sometimes I note that the count decreases, not sure if it is related to the bug mentioned in this article.

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up vote 1 down vote accepted

Because the answer by @Fogest was not acceptable for me, I tried to post an answer myself, but still I would like to get a more accurate answer with official references.

Some facts about +1 count on Google+ pages

Google mentions here that any +1's on your ads will increment the count on your page and vice versa.

It seems +1's of the Google+ page is similar to the count of +1 button on the linked page/homepage. any +1 on the page also counts as a +1 for the linked homepage.

Google posted this on their blog:

We’ll now show an aggregated count of users that have engaged with your page, either by +1’ing it or by adding it to a circle. This way, both you and your page’s visitors can get an at-a-glance summary of who is interacting with your page.

According to the above, the +1 count should include:

  • +1′s of the Google+ page
  • Followers of the Google+ page (number of people who have the page in their circles)

Also according to my personal experience the +1's on the posts of the Google+ page also adds to the to Google+ page's +1's, but I couldn't find any official reference for that.

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It is the number of people who have +1'ed the page or website associated.

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It is apparently also associated with +1'ing posts and also page followers, also clearly following a page is not same as +1'ing it. –  Omne Jul 3 '13 at 15:20
    
There is a +1 button to the right of the follow button. The button also displays the number of people who +1'ed it. –  Fogest Jul 3 '13 at 18:17
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