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Compute basic and diluted earnings per share for the year

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Question - Information from the financial statements of Ames Fabricators, Inc., included the following:

December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 32,000 shares of common) 12,000 12,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000

Ames's net income for the year ended December 31, 2021, is $500,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021.

Required - Compute basic and diluted earnings per share for the year ended December 31, 2021.

Reference no: EM132515290

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