Reference no: EM133126986
Question - On January 1, 2021, Belk, Inc. had outstanding 460,000 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, 2021, Belk issued an additional 16,000 shares of common stock at $33. At December 31, 2021, there were common stock options outstanding, issued in 2020, and exercisable for 20,000 shares of common stock at an exercise price of $35. 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 $660,000. The tax rate for the year was 27%.
Required - Compute basic and diluted EPS for the year ended December 31, 2021.
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