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Determine basic and diluted earnings per share for the year

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One company had 25,000 common shares outstanding for all of 2020. It had plus 10,000 cumulative preferred shares, issued in 2018 and eligible for a dividend $ 5 per share annually. The company did NOT declare a dividend in 2018, 2019 and 2020. There are also outstanding convertible bonds issued in 2019 whose interest expense for 2020 was $ 60,000. The bonds are convertible into 15,000 common shares. As of December 31, 2020, no bonus had been converted. Net income for 2020 was $ 150,000 and the rate of tax is 25%.

Problem 1: Determine basic and diluted earnings per share for the year 2020.

Reference no: EM132698187

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