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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (2183)	2/3/1998 9:13:00 AM
From: Ploni	Read Replies (1) \| Respond to of 18691

Subject: ALK Dale, Where did you come up with the figure of $132 million of debt being converted? I estimate $78.591 million, based on the following information from their latest 10-K. The dilution works out to 11.29% of the current number of outstanding shares. Of course, that's still significant. Note that there is four times as much dilution waiting out there, from the 6.5% debentures, maturing 2005. Average number of shares outstanding 14,241 Assumed exercise of stock options 97 Assumed conversion of 6.5% debentures 6,151 Assumed conversion of 7.75% debentures 361 Assumed conversion of 6.875% debentures 1,608 Assumed conversion of 7.25% notes 0 Average shares as adjusted 22,458 1,608,000 shares x 48 7/8 = $78.591 million Dilution: 1,608/14,241 = 11.29%