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Calculate sheridan diluted earnings per share

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Reference no: EM133168143

Question - Sheridan Corporation earned net income of $341,250 in 2020 and had 105,000 common shares outstanding throughout the year. Also outstanding all year was $870,000 of 10% bonds that are convertible into 10,500 common shares. Sheridan's tax rate is 45%.

Required - Calculate Sheridan's 2020 diluted earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.

Reference no: EM133168143

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