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What is the diluted earnings per share

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Question - On January 1, 2020, Burke Company issued 15-year, $1,500,000 face value, 5% bonds, at par. Each $1,000 bond is convertible into 30 shares of Burke common stock. Burke's net income in 2020 was $142,000, and its tax rate was 30%. The company had 50,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. What is the diluted earnings per share for 2020? Round to nearest cent.

A) $2.05

B) $2.84

C) $1.49

D) None of the above

Reference no: EM132960008

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