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In a computer simulation study, we have observed the parametric decay of an electromagnetic wave propagating parallel to the DC magnetic field into two electron electrostatic waves. We have identified the mechanism as three-wave parametric interaction. The growth constants of the decay waves have been measured. After saturation, the decay waves are observed to trap electrons. Consequently, the velocity distribution function develops a high velocity tail. The details of these processes are discussed. We have found that the kinetic energy of the total assembly of electrons will increase by about a factor of four.