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Calculate basic and diluted earnings per common share

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Reference no: EM131599083

Question - At January 1. 2016. Canaday Corporation had outstanding the following securities.

  • 670 million common shares
  • 20 million 5% cumulative preferred shares $50 par
  • 8% convertible bonds $2 000 million face amount convertible into 80 million common shares

The following additional information is available.

  • On September 1. 2016. Canaday sold 78 million additional shares of common stock.
  • Incentive stock options to purchase 50 million shares of common stock after July 1. 2015. at 510 per share were outstanding at the beginning and end of 2016 The average market price of Canaday s common stock was $20 per share during 2016
  • Canaday's net income for the year ended December 31. 2016. was $1.504 million. The effective income tax rate was 40%.

Required: Calculate basic and diluted earnings per common share for the year ended December 11 2016.

Reference no: EM131599083

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