Reference no: EM132718214
On December 31, 2020, SachsCorp had outstanding 600,000 shares of common stock and 50,000 shares of 8% cumulative preferred stock (par $40).
- April 30, 2021, issued an additional 48,000 shares of common stock
- August 1, 2021, 9,000 shares were retired.
- A 6% stock dividend was declared and distributed on July 1, 2021.
At year-end, there were fully vested incentive stock options outstanding for 90,000 shares of common stock (adjusted for the stock dividend). The exercise price was $24. The market price of the common stock averaged $27 during the year.
Also outstanding were $1,000,000 face amount of 2% convertible bonds issued in 2018 at par. Each $1,000 bond was convertible into 35 common shares (adjusted for the stock dividend).
Net income was $1,200,000. The tax rate for the year was 35%.
Required:
Problem 1: Compute basic and diluted EPS (two EPS calculations) for the year ended December 31, 2021. (Show all work for full credit. Round your answers to 3 decimal places.)
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