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Calculate basic earnings per share

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Question - On December 31, 2021, Pronghorn Co. had 203,000 common shares outstanding. The company also had outstanding a convertible bond with a face value of $82,000 that had been issued in 2015. The bond paid 6% interest per year and was convertible to 1,640 common shares. Pronghorn Co. had net income for 2021 of $994,700 and was subject to a 30% income tax rate. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately). Calculate basic earnings per share.

Reference no: EM132756881

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