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What amount should primus report for diluted earnings

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Question - Primus, Inc., owns all outstanding stock of Sonston, Inc. For the current year, Primus reports net income (exclusive of any investment income) of $488,000. Primus has 50,000 shares of common stock outstanding. Sonston reports net income of $88,000 for the period with 50,000 shares of common stock outstanding. Sonston also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $13.50 per share. The value of this stock was $27 per share throughout the year. Primus owns 4,000 of these warrants. What amount should Primus report for diluted earnings per share?

Reference no: EM132606748

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