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Compute the diluted earnings per share

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Question - On January 2, 2028, The Company issued at par $500,000 of 7% convertible bonds. Each $1,000 bond is convertible into 10 shares of common stock. No bonds were converted during 2028. The Company had 50,000 shares of common stock outstanding. Net income for 2028 was $600,000 and the income tax rate was 30%. Compute the Diluted earnings per share for 2028?

a. $12.49

b. $12.00

c. $11.35

d. $10.46

Reference no: EM133075847

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