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Compute diluted earnings per share

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Point 1: On January 1, 2020, Blossom Company issued 10-year, $1,900,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Blossom common stock.

Point 2: Blossosz net income in 2020 was $509,850, and its tax rate was 20%. The company had 90,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020.

Question (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)

Reference no: EM132480721

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