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What should be the basic earnings per share for the year

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Reference no: EM132616795

Information concerning the capital structure of Piper Corporation is as follows:

                                                         2018                             2017

Ordinary Share                        150,000 shares          150,000 shares

Convertible Preference shares 15,000 shares              15,000 shares

9% Convertible bonds               $2,400,000                $2,400,000

During 2017, Piper paid dividends of $1.20 per ordinary share and $3.00 per preference share. The preference shares are convertible into 30,000 ordinary shares. The 9% convertible bonds are convertible into 75,000 ordinary shares. The net income for the year ended December 31, 2017, was $600,000. Assume that the income tax rate was 30%.

Problem 1: What should be the basic earnings per share for the year ended December 31, 2017, rounded to the nearest $?

Reference no: EM132616795

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