Amess net income for the year ended december 31 2013 is

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Reference no: EM13568607

Information from the financial statements of Ames Fabricators, Inc., included the following:

	December 31

		2013		2012
Common shares		100,000		100,000
Convertible preferred shares (convertible into 32,000 shares of common)		12,000		12,000
10% convertible bonds (convertible into 30,000 shares of common)	$	1,000,000	$	1,000,000

Ames's net income for the year ended December 31, 2013, is $500,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2013.

Required:

Compute basic and diluted earnings per share for the year ended December 31, 2013.

Reference no: EM13568607

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