You may be more accurate. The "Net income (loss) attributable to common stockholder (Note 11)" as shown on p.18 of the "Fourth Quarter and Full Year 2012 Results" is: 1.397B (after minus 11.603B of "Preferred stock dividends"). So the "Earnings (loss) per share" listed there is: 0.24 (1.397B divided by 5.762B shares). If we time $0.24 by a moderate p/e of 6, the share value would be $1.44. By this calculation, the Commons are undervalued. I have no idea, however, what that "Note 11" is about. It's not in the document. Anyone knows what that Note is about?
If this 3.02/per share is timed by a P/E, say 6, the value of each share should be $18.12. In this sense, both preferred and common are underpriced. But all this calculation won't make real sense until the GSEs are allowed to redeem the debt and the C-ship be terminated.