Common and treasury stock	9 Months Ended
Sep. 30, 2011
Common And Treasury Stock
Common and treasury stock	11. Common and treasury stock The Trust has the power to redeem or prohibit the transfer of a sufficient number of Common Shares or the exercise of warrants and/or options that would result in a violation of the Trust’s shareholding requirements. The Bylaws provide that only with the explicit approval of the Trust’s Board of Directors may a stockholder own more than 9.8% of the total outstanding shares. As of January 1, 2011, the Trust’s net Preferred Stock shares outstanding were 196,901. On February 12, 2011, both the common and preferred stockholders approved the conversion of the Series A Preferred Stock into Common Stock. The conversion was subsequently approved by the Company’s Board of Directors, filed with the Delaware Secretary of State and the NYSE Amex approved the listing of 246,126 additional common shares. As of September 30, 2011, there were 597,608 net common shares outstanding.

Common and treasury stock

9 Months Ended

Sep. 30, 2011

11. Common and treasury stock

The Trust has the power to redeem or prohibit the transfer of a sufficient number of Common Shares or the exercise of warrants and/or options that would result in a violation of the Trust’s shareholding requirements. The Bylaws provide that only with the explicit approval of the Trust’s Board of Directors may a stockholder own more than 9.8% of the total outstanding shares.

As of January 1, 2011, the Trust’s net Preferred Stock shares outstanding were 196,901. On February 12, 2011, both the common and preferred stockholders approved the conversion of the Series A Preferred Stock into Common Stock. The conversion was subsequently approved by the Company’s Board of Directors, filed with the Delaware Secretary of State and the NYSE Amex approved the listing of 246,126 additional common shares. As of September 30, 2011, there were 597,608 net common shares outstanding.

EASTERN LIGHT CAPITAL, INC. 10-Q