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Calculate the diluted earnings per share

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Question - At December 31, 2013, Foxhound Ltd. had 500,000 common shares outstanding (no preferred shares issued). On October 1, 2014, an additional 100,000 common shares were issued. In addition, Foxhound had $5,000,000, 6% convertible bonds outstanding at December 31, 2013, which are convertible into 225,000 common shares; however, no bonds were converted during 2014. Net income for calendar 2014 was $1,500,000. Assuming the income tax rate was 30%, calculate the diluted earnings per share for 2014?

Reference no: EM132255043

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