Reference no: EM132585071
Assume that the following data relative to Kane Company for 2010 is available:
Net Income $2,100,000
Transactions in Common Shares Change Cumulative
Jan. 1, 2010, Beginning number 700,000
Mar. 1, 2010, Purchase of treasury shares (60,000) 640,000
June 1, 2010, Stock split 2-1 640,000 1,280,000
Nov. 1, 2010, Issuance of shares 120,000 1,400,000
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 2010, $30 (market price and option price adjusted for split). 60,000 shares
Required:
Question (a) Compute the basic earnings per share for 2010. (Round to the nearest penny.)
Question (b) Compute the diluted earnings per share for 2010. (Round to the nearest penny.)
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