This excerpt taken from the PNC 10-Q filed Nov 6, 2008.
Our issuance of securities to the United States Treasury may limit our ability to return capital to our shareholders and is slightly dilutive to our common shares. If we are unable previously to redeem the shares, the dividend rate increases substantially after five years.
In connection with our sale of $7.7 billion of senior preferred stock to the Treasury, we will also be issuing the Treasury warrants to purchase approximately $1.1 billion of our common stock. The number of shares will be calculated based on the average market price of our stock for the 20 trading days preceding approval of our issuance (which will also be