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What should be diluted earnings per share for the year ended

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Question

At December 31, 2017, Swifty Corporation had 2030000 shares of common stock outstanding. On January 1, 2018, Swifty issued 502000 shares of preferred stock which were convertible into 1000000 shares of common stock. During 2018, Swifty declared and paid $1170000 cash dividends on the common stock and $395000 cash dividends on the preferred stock.

Net income for the year ended December 31, 2018, was $4960000. Assuming an income tax rate of 28%, what should be diluted earnings per share for the year ended December 31, 2018? (Round to the nearest penny.)

Reference no: EM132364186

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