there are only 5000 preferreds left imo, and they convert into $500K of debt, not shares. so the OS is now the same, fully diluted or not.
based on my DD, they did this primarily for the benefit of institutional investors, who don't want to be "second in line" when holding common shares, hence the elimination of all preferreds convertible to stock.
as confusing as the share structure may have been in the past, it's now quite simple.
That's why all estimates that I know of are done using a fully diluted OS. These shares have already been priced in in the fully diluted estimates. I think there are 500 Series E preferred remaining which will be exchanged for $500,000. That is all that is left. All the other shares have converted/exchanged. I really don't understand all crying and moaning about the OS. What does it matter what it is? EPS is all that matters. If we only had 11.5 million shares instead of 115 million our 2008 EPS would be $.70 instead of $.07. Then we would all have one tenth of the shares. It is the exact same thing. It makes no difference except psychologically to some. Exxon Mobil has over 5 billion shares. Should I sell all of my 401k stock because the OS is so big lol. I suggest you invest in some of those other small oil service companies with smaller outstanding share counts that you talk about. I highly doubt most or any of them are growing their core business at over 100% per year and also experiencing huge growth via acquisition.
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