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What was Base Ltd diluted earnings per share

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Question - Base Ltd was incorporated on 1 January 20x0 with share capital of $50,000, comprising 50,000 ordinary shares. During 20x2, Base Ltd issued 50,000 convertible bonds at $1 per bond. The convertible bonds have a coupon rate of 5% per annum, and every five convertible bonds can be converted into one ordinary share during the years 20x3 and 20x4. As at 31 December 20x3, none of the bonds had been converted into ordinary shares. Base Ltd's profit after tax for the year ended 31 December 20x3 was $80,000, and the tax rate applicable for 20x3 was 30%. What was Base Ltd's diluted earnings per share (rounded to the nearest cent) for the year ended 31 December 20x3?

A. $1.36

B. $1.38

C. $1.37

D. $1.33

E. none of the listed choices

Reference no: EM132847539

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