No. It is assumed that the current trading price is 1.30 per share for the current outstanding shares, and the nominal strike price of the exercised warrant is $.00001 per share. However, the market price can change before the warrant is exercised and can become whatever the market demands. Also, the US Treasury can offer the warrant in a public auction at a higher price to the highest bidder. Of course the highest bidder most likely will not offer higher than the current market price.
Here is how the calculations work.
The present outstanding shares total 1.158 billion.
Let's assume the market value per share is $1.30. The total value of the shares is 1.158 billion x 1.30 = $1,505,400,000
In a rough scenario, if the US Treasury exercises its warrant for 79.9% of the common shares at the nominal priceof .00001 per share on a one to one basis, then 4.604 billion (79.9%) shares are added to the current shares at a cost of $46,040.
The new outstanding shares total be 5.762 billion. The new total value will be $1505,400,000 + $46,040 = $1,505,446,040
Thus the value per share is $0.2612 = $1,505,446,040/5,762,000,000 shares
Now if the US Treasury chooses to auction the 79.9% shares at a higher price to the highest bidder or bidders (depending on type) the price per share can rise and the US Treasury can receive more for the 1:1 79.9% warrant of the GSE common shares and the value of the common shares will be less reduced or equal to the current market price.
Your calculations about beiong in the red are wholly incorrect.
When you use the balance sheet, you must use the stockholders' equity section to calculate earning per share.
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