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Re-compute basic and diluted EPS

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Reference no: EM132969094

Question - Shaffer Corporation issued $100,000, 10% convertible bonds in 2019 at face value. Each $1,000 bond is convertible into 100 shares of Common Stock. Shaffer's net income for 2020 is $1,824,000; the tax rate is 25%. No bonds were converted during the year and average Common shares outstanding are 1,010,000.

1. Compute basic EPS for 2020.

2. Compute diluted EPS for 2020.

3. Re-compute basic and diluted EPS assuming that the bonds were issued on July 1, 2020.

Reference no: EM132969094

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