Question

At December 31, 2011, the financial statements of Hollingsworth Industries included the following:
Net income for 2011 ...................... $560 million
Bonds payable, 10%, convertible into 36 million shares of common stock. $300 million
Common stock:
Shares outstanding on January 1.................. 400 million
Treasury shares purchased for cash on September 1 ............ 30 million

Additional data:
The bonds payable were issued at par in 2009. The tax rate for 2011 was 40%.

Required:
Compute basic and diluted EPS for the year ended December 31, 2011.



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  • CreatedJuly 11, 2013
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