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Question - Assume that the following data relative to Kane Company for 2013 is available:
Net Income $2,100,000
Transactions in Common Shares
Change
Cumulative
Jan. 1, 2013, Beginning number
700,000
Mar. 1, 2013, Purchase of treasury shares
(60,000)
640,000
June 1, 2013, Stock split 2-1
1,280,000
Nov. 1, 2013, Issuance of shares
180,000
1,460,000
8% Cumulative Convertible Preferred Stock
Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000
Stock Options
Exercisable at the option price of $25 per share. Average market price in 2013, $30 (market price and option price adjusted for split). 90,000 shares
Instructions -
(a) Compute the basic earnings per share for 2013. (Round to the nearest penny.)
(b) Compute the diluted earnings per share for 2013. (Round to the nearest penny.)
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