It wasn't dilution, because the shares were not given away. They were sold... for roughly market price. Conversely, shares are often given away for various reasons (I'm speaking in generalities here, not about GWR) and that IS dilution.

Of course, the recipients of such largess would insist otherwise... that their intangible merits to the company warrant tangible rewards.

I am not aware of the "book value" of GWR... but if the offering was completed at premium to book value, then that enhanced the value of your shares... in my opinion... though "book value" stats should be taken with some skepticism.

I subscribe to Value Line, and I noticed, incredulously and by coincidence, that the Oct. 30 Investment Survey lists CIT Group at the top of its chart for "widest discounts from book value." Shows BV to be 8.10... while the recent price is posted as 1.10. Yet I heard very recently, on the radio, that CIT went bankrupt, and the expert being interviewed said the bondholders would get about 70c on the dollar, for their investments... and necessarily the stockholders would be wiped out. So much for "book value of common shares" being 8.10.

CIT has been around for decades. My sister worked for them, briefly, in the 1960s, when CIT still sent tough guys out in the middle of the night to repossess cars staked as collateral on small loans.