The formula was written wrong. typical CSHD sloppiness... i think this post on hsm is right: Originally Posted by Sano and again... CALM (15-X)/X Ex. 10/30/06 pps $5 (15-5)/5 = you get 2 shares if you have 2000 shares at $8 by the 10/30/06= (15-8)/8= 0.875 shares, so you get 2000 x 0.875= 1750 shares