Conversion ratio number of shares for which one bond may be exchanged par/ conversion price =$1,000/$3637=27.50 shares Conversion value equity value or stock value of the convertible stock price x conversion ratio =$30.00x27.50=$825004 Conversion ratio = number of shares for which one bond may be exchanged = par / conversion price = $1,000 / $36.37 = 27.50 shares Conversion value = equity value or stock value of the convertible = stock price x conversion ratio = $30.00 x 27.50 = $825.00