Compute what hanson diluted earnings per share on december

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Reference no: EM132719916

Handy Hanson Inc. (HHI), a publicly traded company, has a December 31 year end. Select information for the current year (20X6) is as follows:

After-tax profit for the year was $535,000.
HHI's corporate tax rate is 30%.
HHI had 100,000 common shares outstanding during the year.
HHI had $3,100,000 in 10% convertible bonds, issued at face value. Each $1,000 bond is convertible into 15 common shares.
HHI had $900,000, 5% cumulative preference shares.
No dividends were declared or paid in the year.

Problem 1: What is Hanson's diluted earnings per share on December 31, 20X6?

Option 1: $4.67

Option 2: $4.83

Option 3: $4.90

Option 4: $5.13

Reference no: EM132719916

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