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How much is diluted earnings per share

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Question - In 2020 Our Company had Net Income of $550,000. On 1/1/20, there were 100,000 shares of common stock outstanding. On 4/1/20, we issued 36,000 shares of common stock. On 6/1/20, we issued 24,000 shares of $100 par value, 6% cumulative preferred stock. This preferred stock is convertible into 48,000 shares of common stock. On 9/1/20, we issued $6,000,000 of 4% bonds at par. These bonds are convertible into 48,000 shares of common stock. The marginal tax rate is 25%. In addition, there are 90,000 options outstanding at 12/31/20. Each option entitles the holder to exchange it for 1 share of common stock at an exercise price of $20 per share. The average market price for common stock for 2020 was $50.

Required -

How much is Basic Earnings Per Share?

How much is Diluted Earnings Per Share?

Reference no: EM132699700

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