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Compute basic and diluted eps for the year ended december

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Question - At December 31, 2009, the financial statements of Hollingsworth Industries included the following:

Net income for 2009

Bonds payable, 10%, convertible into 36 million shares of common stock

Common stock:

Shares outstanding on January 1

Treasury shares purchased for cash on September 1

Additional date:

The bonds payable were issued at par in 2007. The tax rate for 2009 was 40%

Required - Compute basic and diluted EPS for the year ended December 31, 2009.

Reference no: EM131782296

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