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Compute diluted earnings per share

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Reference no: EM132971469

Problem - Tasty Ltd's 2011 net income is $600,000. The weighted average number of ordinary shares used for the calcula?on of basic earnings per share is 150,000 shares. The ?scal year ended is on December 31. During the year 2011, the following events occurred:

1. On April 1, 2011, the company issued cumulative convertible preference shares $300,000, 10%, $100 per shares, each preference share is convertible into 2 shares of ordinary share, exercisable on January 1, 2015.

2. On July 1, 2011, 00,000 share options were issued. Each share option entitles the holder to purchase one ordinary share at HK$10, effective October 1, 2012. The average market value of one ordinary share in 2011 was HK$16.

Required - Compute diluted earnings per share for 2011 in accordance with HKAS 33. Show all your workings. Express your answers in dollar and round to 2 decimal places.

Reference no: EM132971469

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