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What is ajax diluted earnings per share

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Problem 1: On January 1, 2027, Ajax Corporation had 10 million shares of common stock, issued and outstanding. On October 1, 2027 Ajax issued an additional 1 million shares of common stock. Ajax also has $40 million face value, 6.25% convertible bonds outstanding for the entire year. The bonds are convertible into 2 million common shares. Ajax has a tax rate of 40% and net income of $14 million in 2027. What is Ajax's diluted earnings per share for 2027?

Option 1: $1.37

Option 2: $1.27

Option 3: $1.35

Option 4: $1.22

Reference no: EM132683961

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