Reference no: EM132957923
Question - At January 1, 2021, Canaday Corporation had outstanding the following securities:
650 million common shares
20 million 6% cumulative preferred shares, $50 par
6.4% convertible bonds, $3,000 million face amount, convertible into 60 million common shares
The following additional information is available:
On September 1, 2021, Canaday sold 69 million additional shares of common stock.
Incentive stock options to purchase 80 million shares of common stock after July 1, 2020, at $10 per share, were outstanding at the beginning and end of 2021. The average market price of Canaday's common stock was $16 per share during 2021.
Canaday's net income for the year ended December 31, 2021, was $1,974 million. The effective income tax rate was 25%.
Required - Calculate basic and the diluted earnings per common share for the year ended December 31, 2021.
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