Question: Sandbox Corporation reported net income of 700 000 in 2011 and
Sandbox Corporation reported net income of $700,000 in 2011 and had 115,000 common shares outstanding throughout the year. Also outstanding all year were 9,500 of cumulative preferred shares, with each being convertible into two common shares. The preferred shares pay an annual dividend of $5 per share. Sandbox's tax rate is 40%. Calculate Sandbox's 2011 diluted earnings per share.
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