What should be the diluted earnings per share for the year

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Question 1: At December 31, 2015, Emley Company had 1,200,000 ordinary shares outstanding. On September 1, 2016, an additional 400,000 ordinary shares were issued. In addition, Emley had $12,000,000 of 6% convertible bonds outstanding at December 31, 2015, which are convertible into 800,000 ordinary shares. No bonds were converted in 2016. The net income for the year ended December 31, 2016, was $4,500,000. Assuming the income tax rate was 30%, what should be the diluted earnings per share for the year ended December 31, 2016, rounded to the nearest penny?

Reference no: EM132539501

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