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Compute basis earning per shares

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Question - The information below pertains to Parker Company for 2013.

Net income for the year $1,200,000

8% convertible bonds issued at part ($1,000 per bond); each bond is convertible into 30 shares of common stock $2,000,000

6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock $4,000,000

Common Stock, $10 par value $6,000,000

Tax rate for 2013 40%

Average market price of common stock $25 per share

There were no changes during 2013 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 75,000 shares of common stock at $20 per share.

(a) Compute basis earning per shares for 2013.

(b) Compute diluted earnings per share for 2013.

Reference no: EM132163584

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