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Determine basic and diluted earnings per share

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Question - At December 31, 2013, the financial statements of Nineteen Company showed the following.

Net income for 2013 $560 million

Bonds payable (10%, convertible into 36 million common shares) $300 million

Common stock

Shares outstanding January 1, 2013 400 million

Treasury shares purchased September 1, 2013 30 million

The bonds payable were issued at face value in 2011. The tax rate for 2013 was 40%.

Determine basic and diluted earnings per share.

Reference no: EM131632973

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