Prospectus excerpt: The preference stock ($2.12 preference stock) is entitled to cumulative dividends at a rate of $2.12 per year and can be converted into 16.53 shares of common stock, subject to adjustment in certain events. The $2.12 preference stock is redeemable at our option at a price of $28 per share. At December 31, 2011, there were 402,274 shares of common stock reserved for issuance upon conversion of the $2.12 preference stock.
Pitney Bowes is a global shipping and mailing company that provides technology, logistics, and financial services. Co.'s reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. Co.'s Global Ecommerce segment operates various domestic parcel sortation centers connected by a nationwide transportation network, enabling Co. to pick up parcels from retailer distribution centers and move them through its physical network. Co.'s Presort Services segment provides mail sortation services. Co.'s Sending Technology Solutions segment provides with physical and digital mailing and shipping technology solutions and other applications.