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What is diluted earnings per share

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Question - The following information relates to Dover Inc.'s earnings per share computations for 2021:

Net income $ 750,000

6% cumulative, convertible preferred stock, $100 par, 10,000 shares outstanding during all of 2021; each share of preferred stock is convertible into 5 shares of common beginning in 2025 $ 1,000,000

Income tax rate 21%

Weighted average of common shares outstanding 600,000

At December 31, 2020, there were no dividend arrearages on the preferred stock.

For the year ended December 31, 2021, what is basic earnings per share?

For the year ended December 31, 2021, what is diluted earnings per share, and is it reported on the income statement?

Reference no: EM133016495

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