About the convertible bonds

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On January 2, 2011, Mize Co. issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 30 shares. No bonds were converted during 2007. Mize had 50,000 shares of common stock outstanding during 2011. Mize’s 2011 net income was $160,000 and the income tax rate was 30%. What would Mize's diluted earnings per share for 2011 be (rounded to the nearest penny)? Please show all computations.

Reference no: EM13793459

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