Reference no: EM133066221
Question - Schreiber Corporation reported the following data in its financial statements for the fiscal year ending September 30, 2021:
Net income for 2021 $3,752,000
Book value of 7% cumulative, convertible preferred shares $1,218,000
Average number of common shares outstanding during 2021 1,109,000
Dollar value of 6% convertible bonds $3,897,000
Number of stock options outstanding for purchase of common shares, exercisable at $23 per share 85,100
Income tax rate for 2021 30%
The cumulative preferred shares outstanding can be converted to a total of 55,500 common shares.
The bonds can be converted to a total of 87,000 common shares.
All the preferred shares, bonds, and stock options were outstanding for the entire 2021 fiscal year.
The average market price of the common shares in the 2021 fiscal year was $33.
Required -
1. Calculate basic earnings per share for Schreiber Corporation for the year ended September 30, 2021.
2. Calculate diluted earnings per share for Schreiber Corporation for the year ended September 30, 2021.
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