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What is itten diluted earnings per share for the year

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Question - Itten made a profit after tax of £976,000 for the year ended 31 December 2021. At that date, Itten had £2 million of equity shares of 20 pence each in issue. There had been no changes to issued share capital for many years. At 31 December 2021, there were outstanding share options to purchase 5 million equity shares at £1.50 each. The average market value of Itten's equity shares during the year ended 31 December 2021 was £3.00 per share.

In accordance with IAS 33 Earnings per Share, what is Itten's diluted earnings per share for the year ended 31 December 2021?

A. 9.8 pence

B. 6.5 pence

C. 7.8 pence

D. 7.5 pence

Reference no: EM133179103

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