Compute basic earnings per share if after-tax earnings

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Reference no: EM131606734

Mirrlees Corp. has 11,000 6% bonds convertible into 37 shares per $1,000 bond. Mirrlees has 580,000 outstanding shares. Mirrlees has a tax rate of 45%. The average Aa bond yield at time of issue was 11%. Compute basic earnings per share if after-tax earnings are $730,000. (Round your answer to 2 decimal places.)

$-0.29

$0.13

$0.91

Reference no: EM131606734

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