Rockland Corporation earned net income of $300,000 in 2011 and had 100,000 common shares outstanding throughout the

Question:

Rockland earned net income of $300,000 in 2011 and had 100,000 common shares outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds that are convertible into 16,000 common shares. Rockland's tax rate is 40%. Calculate Rockland's 2011 diluted earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...