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What should be the diluted earnings per share for the year

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Question - At December 31, 2013, the Agricole Company had 600,000 shares of common stock outstanding. On September 1, 2014, an additional 400,000 shares of common stock were issued. In addition, Agricole had $20,000,000 of 3 percent convertible bonds outstanding at December 31, 2013, which are convertible into 400,000 shares of common stock. No bonds were convened into common stock in 2014. The net income for the year ended December 31, 2014, was $2,000,000. Assuming the income tax rate was 40 percent, what should be the diluted earnings per share for the year ended December 31, 2014?

Reference no: EM133178408

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