XML 15 R10.htm IDEA: XBRL DOCUMENT v3.19.3
Preferred Stock Conversion
9 Months Ended
Sep. 30, 2019
Stockholders Equity Note [Abstract]  
Preferred Stock Conversion

3.  Preferred Stock Conversion

On January 31, 2019, the Corporation’s 8.00% Series A Mandatory Convertible Preferred Stock (Preferred Stock) automatically converted into shares of common stock at a rate of 21.822 shares of common stock per share of Preferred Stock.  In total, the Preferred Stock was converted into approximately 12.5 million shares of common stock.  In connection with the Preferred Stock offering in 2016, the Corporation entered into capped call transactions to reduce the potential dilution to the Corporation’s common stock upon conversion of the Preferred Stock, subject to a cap.  The Corporation received approximately 0.9 million shares of common stock upon settlement of the capped call transactions.  As a result, the net number of common shares issued by the Corporation upon conversion of the Preferred Stock was approximately 11.6 million shares.