Reference no: EM13137813
On January 1, 2011, Tonge Industries had outstanding 450,000 common shares (par $1) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.
On October 1, 2011, Tonge sold and issued an additional 22,000 shares of common stock at $33. At December 31, 2011, there were common stock options outstanding, issued in 2010, and exercisable after one year for 20,000 shares of common stock at an exercise price of $31. The market price of the common stock at year-end was $48. During the year the price of the common shares had averaged $40.
Net income was $525,000. The tax rate for the year was 40%.
Required:
Compute basic and diluted EPS for the year ended December 31, 2011. (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "tiny_mce_markerquot; sign in your response.)
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: On January 1, 2011, Tonge Industries had outstanding 450,000 common shares (par $1) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.
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