Conversion parity or conversion level

That price of the common stock which is equivalent to a given quotation for a convertible issue, or vice versa. For example, if a preferred stock is convertible into 3 shares of common stock and sells at 90, the conversion parity for the common would be 30. If the common is selling at 25, the conversion parity for the preferred would be 75. This may also be called the conversion value of the preferred stock.