That would be based on the O/S jumping from today's 2.3 bil to the max 5 bil - based on YA opting to convert to common, in lieu of accepting a straight pay-off. Hypothetical 250mil - 40mil = 190 mil / 2.3 bil shares = .08 cents Now 250 mil / 5 bil = .05 cents Ok almost 1/2 ....