Reference no: EM132787623
INRI Corporation has the following capital structure at January 1,2014:
Ordinary share, par P10 800,000 shares
Liability component of 5-year 10% convertible
bonds, each 1,000 bond is convertible into 80
shares of ordinary share P5,162,550
Share premium - conversion option 205,000
The bonds were issued on January 2, 2010 and at the time of issue the bonds were selling at rate of interest of 9% without the conversion option.
During 2014, the company had the following stock transactions:
May 1 Issued 60,000 shares of ordinary share at P30 per share
August 1 Purchased 120,000 shares of treasury at P35 per share
Dec 31 Converted P2,000,000 bonds
Net income for 2014 was P950,000 Income tax rate is 32%.
Problem 1: How much is the diluted earnings per share?
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