Your math proving that newly issued shares at a p/e under 1 is nominally dilutive ( accretive in year two) is perhaps one part sly and five or ten parts jest.
It just ain't true.
Is the company making more eps each year? Yes, but not nearly so much as if there were no dilution.
This year WAOS will be 87m vs. 67m last year. At $.70 that's $61m in 2012 earnings. $61m earnings with no issuance would have been $.90, just about what had been projected before all the new shares.
They could have earned $.70 without issuance with only $47m in earnings.
So, your "math" says they earned $20m incrementally in year one because they increased cap ex maybe $12m with the extra 20m shares.
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