CXPO. Has anyone looked carefully at all the preferred shares and what effect their conversion would have on dilution? Seems like Series D would be 50,000 shares, Series G would be 4.5M and Series H would be 315,000 shares. That would total about 4.9M shares additional. Is that 4.9M shares of convertible debt part of the 9M+ shares total used in the diluted EPS number?
Series D, par value $0.01; 12,000 shares authorized; 8,000 shares issued and outstanding at June 30, 2007 and December 31, 2006, respectively. The Series D preferred stock does not pay dividends and is not redeemable. The liquidation value is $500 per share. The shares are convertible to Common Stock based upon a value of $500 per Series D share divided by $80.00 per share of Common Stock.
Series G, par value $0.01; 81,000 shares authorized; 81,000 issued and outstanding at June 30, 2007 and December 31, 2006. The Series G preferred stock pays dividends, as declared, at a rate of 8% annually, has a liquidation value of $500 per share, may be redeemed at our option under certain circumstances and is convertible to Common Stock based upon a value of $500 per Series G share divided by $9.00 per share of Common Stock. We may defer dividends for the first four years and they are also convertible into our common stock at $9.00 per share
Series H, par value $0.01; 6,500 shares authorized; 2,210 and 5,220 shares issued and outstanding at June 30, 2007 and December 31, 2006, respectively. The Series H preferred stock pays dividends, as declared, at a rate of 4 common shares per preferred share per annum, has a liquidation value of $500 per share, may be redeemed at our option and is exchangeable for Common Stock based upon a value of $500 per Series H share divided by $3.50 per share of Common Stock.
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