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Determine the deps amount for the year

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Question - At the beginning of the current year, Davie co. had 100,000 shares of common stock outstanding. It also had outstanding 20,000 shares of preferred stock convertible into 10,000 shares of common stock and $1.5 million face value of 6% bonds convertible into 15,000 shares of common stock. Davie had after-tax net income of $1 million for the year and an income tax rate of 25%. It paid $100,000 of preferred dividends and $200,000 of common dividends. Thus, determine the DEPS amount for the year?

a. $8.41

b. $8.54

c. $9.00

d. $9.28

Reference no: EM132873959

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