Walter Energy Dilution

From the annual report:

"During 2014, in three separate transactions, the Company issued an aggregate of 9.3 million shares of its common stock and paid $5.2 million in cash in exchange for $112.0 million of 9.875% Senior Notes and recognized a net gain of $54.1 million, or $0.81 per basic and diluted share."

Then, this week:

"We have agreed to issue an aggregate of 8,650,000 shares of our common stock, par value $0.01 per share, in exchange for $66,725,000 aggregate principal amount of our 8.5% Senior Notes due 2021"

So, that's 17.95 million shares since the beginning of 2014, bringing the current count up to 80.6 million. The crazy part is that they should have been doing more debt swaps all along.