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What is their diluted earnings per share

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Question - Phoenix Co. reported $450,000 net income & paid $50,000 common dividends for 2020 with a 35% tax rate and 100,000 common shares outstanding all year. On September 30, 2020 Phoenix Co. issued $1,000,000, 6%, 5-year bonds at par, convertible to 25,000 common shares. If Phoenix Co. has no other dilutive securities, what is their diluted earnings per share?

A) $3.86

B) $4.33

C) $3.68

D) $4.38

E) $3.91

Reference no: EM133042921

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