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Question - Calculating Earnings per Share
During 2016, Mayfair Enterprises had the following securities outstanding:
1.250,000 shares of common stock with an average market price of $25 per share.
2. 9.5% convertible preferred, which had been sold at its par value of $100. The preferred stock is convertible into three shares of common stock and 3,000 preferred shares are currently outstanding.
During 2016, Mayfair Enterprises earned net income after income taxes of $3.2 million.
(a) Calculate the basic earnings per share for Mayfair Enterprises for 2016.
(b) Calculate the diluted earnings per share for Mayfair Enterprises for 2016.
HINT: For basic EPS, remember to reduce net income by the preferred stock dividend. Round answer two decimal places. HINT: For diluted EPS, remember to include additional shares (converted to common stock) in total number of shares outstanding. Round to two decimal places.
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