American will also make a tender offer for outstanding preferred stock at $27.50 a share.

Since 1987, the company has reduced its outstanding stock by more than 30 percent.

The new shares would be about 25 percent of the company's outstanding common stock.

It has bid $70 a share for the remaining outstanding stock.

That raised its total stake to 3.2 million shares, or 80 percent, of the stock outstanding.

The value of its outstanding stock is about $80 million.

The shares are equal to 6 percent of the company's common stock outstanding.

But in 2005, that number was 1.4 billion shares, or about 20 percent of the stock outstanding.

So the outstanding stock of securities to trade is growing each year.

The shares represent about 19 percent of its outstanding stock.