RE: The proofs that the conversion is a non-event Yellow Media Inc. did not calculate the diluted loss per share for the three-month period ended March 31, 2012 because the conversion of the diluted instruments listed above would be anti-dilutive to the loss. (financials page 15)
This statement can probably be interpeted in another way. The $2.9 Billion loss represents a loss per share of about $5.5 per share. If they showed the full dilution, it would be something like $3/share. In this respect using the dilution would make the loss appear less per share, which actually sounds better than it is.