Conseco completes redemption of Series D Cumulative Convertible Preferred Stock.CARMEL, Ind.--(BUSINESS WIRE)--Sept. 27, 1996--Conseco, Inc. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) yesterday completed the redemption of its Series D Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . A total of 6,358 Series D shares were redeemed at $52.916 per share in cash, including $0.641 per share of accrued and accumulated unpaid dividends. Holders of the remaining 5,338,409 Series D shares previously outstanding elected instead to convert their shares into Conseco common stock at the rate of 1.5686 common shares for each Series D share. Conversion of the Series D shares increases Conseco's common shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. and cash flow, the company said. Conseco now has approximately 67 million common shares outstanding. The 8.4 million common shares issued upon conversion were already included in Conseco's "weighted average shares outstanding" for purposes of computing fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . Conseco, a financial services organization headquartered in Carmel, Ind., owns and operates life insurance companies and provides investment management, administrative and other fee-based services. EDITOR'S NOTE: There is an "at" symbol in the email address below after "ir". This symbol may not appear properly in some systems. CONTACT: Conseco Jim Rosensteele, 317/817-2893 E-mail: ir@conseco.com |
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