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Calculate basic earnings per share

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Question - Carla Vista Inc. had net income for the fiscal year ended June 30, 2020, of $5,800,000. There were 500,000 common shares outstanding throughout 2020. The average market price of the common shares for the entire fiscal year was $50. Carla Vista's tax rate was 25% for 2020.

Carla Vista had the following potential common shares outstanding during 2020:

1 Options to buy 170,000 common shares at $40 per share.

2. 170,000 convertible preferred shares entitled to a cumulative dividend of $10 per share. Each preferred share is convertible into 1.5 common shares.

3. 7% convertible bonds with a principal amount of $37,900,000, issued at par. Each $1,000 bond is convertible into 25 common shares.

Required - Calculate basic earnings per share for 2020?

Reference no: EM132816830

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