Question-and-Answer Session
[Operator Instructions]. Our first question will come from Tim Winter with Jesup & Lamont.
Timothy M. Winter - Jesup & Lamont
Good morning, Nick. I've got a number of questions, one just house cleaning real quick. What was the actual number of shares that you issued and what was the price issued at?
Nicholas DeBenedictis - Chairman, President and Chief Executive Officer
New shares 1 million.
Timothy M. Winter - Jesup & Lamont
Exactly 1 million?
Nicholas DeBenedictis - Chairman, President and Chief Executive Officer
Exactly 1 million. So that's what will show on the outstanding shares. But because of the cover of the shares that were... they were... I don't know what you call them... basically cover and shorts [ph] is really what it was. I don't know if that's the correct term, Tim. We issued 1 million and we covered about 1.7 million in shorts. And when you combine the full revenue we got, 33 million and instead you only issued 1 million shares, I very simplistically said we got 33 of share. And the 1 million that we have closed, I guess you could call it, we got 22 something. The rest was the transaction that we didn't actually need the shares since our cash generation [ph] was more than we had anticipated three years ago when we did this, or two years ago when we did it. And remember, we did it because we felt American was going to be coming out with their offering back in late '06 and we wanted to get into the market and get the number of shares we needed over the next two years out of the way. And that's why we did it and it turned out we didn't need all those shares.
Timothy M. Winter - Jesup & Lamont
Worked out pretty well. As far as Pennsylvania, the rate case, I know that was a significant case. Can you give me a little detail... more details? I understand the allowed ROE was 11%, which I think is the highest it's been in some time.
Nicholas DeBenedictis - Chairman, President and Chief Executive Officer
Yes, I think... two things. First of all, it was fully litigated. Usually, we settle in Pennsylvania. So it's hard to tell what the ROE is when you settle. Pennsylvania, as you know, from a standpoint of water companies, is very progressive. They want infrastructure. As a matter of fact, the legislature just passed a bill, the biggest bill in the country as far as I know of 1 billion... I think it was 1.2 billion of new money going into infrastructure. They really feel that the water and wastewater systems have to be repaired in the state. So it's a trend I think more than just the Commission, and the entire legislature and Governor feel that way too. It's positive obviously.
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