Market Conversion Premium Per Share (MCPPS)

MCPPS
= CB's market price / Conversion ratio - Current market price of common stock
= Current market conversion price - Current market price of the common stock

Conversion ratio = CB par value / conversion price

(e.g.)
MCPPS = $920(*) / 10 shares - $40 (stock price per share) = $52
(*)face value = $1,000

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Market conversion premium ratio = MCPPS/Common stock price

(e.g.)
CB price = $1,125.00
CB $1,000 → 26.75 shares
Common stock price = $31.75

MCPPS = $1,125.00/26.75 - $31.75 = $42.06 - $31.75 = $10.31
Market conversion premium ratio = MCPPS/Common stock price = $10.31/$31.75 = 0.3247... = 32.5%