§  65.303   Cost of preferred stock.

   The formula for determining the cost of preferred stock is:
   [MATH:  :MATH]

   Where:

   "Total Annual Preferred Dividends" is the total dividends on preferred
   stock for the most recent two years for all local exchange carriers
   with annual revenues equal to or above the indexed revenue threshold as
   defined in § 32.9000. "Proceeds from the Issuance of Preferred Stock"
   is the average of the total net proceeds from the issuance of preferred
   stock for the most recent two years for all local exchange carriers
   with annual revenues equal to or above the indexed revenue threshold as
   defined in § 32.9000.

   [ 60 FR 28545 , June 1, 1995, as amended at  67 FR 5702 , Feb. 6, 2002]