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What is the companys diluted earnings per share

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Reference no: EM132483912

Smith & Sons reported net income of $1,620,000. At year end, the company had the following securities outstanding:

  • 300,000 shares of common stock selling at $30 per share
  • 40,000 shares of convertible preferred stock, exchangeable for 60,000 shares of common stock

Question 1: What is the company's diluted earnings per share?

Option 1: $5.40

Option 2: $4.76

Option 3: $4.50

Option 4: $4.00

Reference no: EM132483912

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