The conversion price IMO makes no difference, because those are caps, not firm rates. Right now, the conversion is at a discount to the average of the last five daily closes, or something like that. So we ain't nowhere near having to worry about those numbers. But yeah, assuming we do zoom past .275 - a HUGE assumption - you'd want to be able to pay with shares at that higher conversion price first, thus using fewer shares, and then paying with cash if the conversion price looks too low. Of course, if we hit .275 I won't care about dilution because I'll be cashed out!