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common types of preferred shares:

(this is why it is important to know what type of preferred is being used to "buy-back" common stock.)

Common types
There are various types of preferred stocks that are common to many corporations:

Cumulative Preferred Stock - If the dividend is not paid, it will accumulate for future payment.
Non-cumulative Preferred Stock - Dividend for this type of preferred stock will not accumulate if it is unpaid. This type is very rare, because the payment of dividends is always at the discretion of the board of directors.
Convertible Preferred Stock - This type of preferred stock carries the option to convert into a common stock at a prescribed price.
Exchangable Preferred Stock - This type of preferred stock carries the option to be exchanged for some other security upon certain conditions.
Participating Preferred Stock - This type of preferred stock allows the possibility of additional dividend above the stated amount under certain conditions.
Perpetual Preferred Stock - This type of preferred stock has no fixed date on which invested capital will be returned to the shareholder, although there will always be redemption privileges held by the corporation. Most preferred stock is issued without a set redemption date.
Puttable Preferred Stock - These issues have a "put" privilege whereby the holder may, upon certain conditions, force the issuer to redeem shares.