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Question - Sunland Corporation issued $5 million of 10-year, 6% callable convertible subordinated debentures on January 2, 2020. The debentures have a face value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in two years it will increase to 18:1. At the date of issue, the bonds were sold at 98 to yield a 6.2753% effective interest rate. Bond discount is amortized using the effective interest method. Sunland's effective tax was 30%. Net income in 2020 was $7 million, and the company had 2.4 million shares outstanding during the entire year. For simplicity, ignore the IFRS requirement to record the debentures' debt and equity components separately.
Required - Calculate both basic and diluted earnings per share for the year ended December 31, 2020.
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