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Calculate basic earnings per share for Tri-Facet Ltd

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Question - The following information is taken from Tri-Facet Ltd.s December 31, 20 2021 balance sheet: Liabilities: 7% Bonds payable, $5,200,000, maturing November 30 2025, each $1,000 bond convertible into 30 common shares at any time up to November 30, 2025 $5,200,000

Shareholders ' Equity : 6% Cumulative preferred shares, convertible at the rate of 4 common shares for 1 preferred share, 42,190 shares outstanding 879,000

Common shares, 3,075,000 shares issued and outstanding 3,600,000

Tri- Facet had net income for the 2021 year of $7,254,500. Tri-Facet pays income tax at a rate of 25%. Both the bonds and the preferred shares were outstanding for the entire year. The weighted average number of common shares outstanding for the 2021 year was 3, 472, 600.

Required -

1. Calculate basic earnings per share for Tri-Facet Ltd. for the year ending December 31, 2021.

2. Calculate diluted earnings per share for Tri-Facet Ltd. for the year ending December 31, 2021.

Reference no: EM132869051

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