During 2020, Churchill had the following convertible securities outstanding: $200,000 of 6% convertible bonds. Each $1000 bond
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Question:
During 2020, Churchill had the following convertible securities outstanding:
$200,000 of 6% convertible bonds. Each $1000 bond is convertible into 30 shares of common stock
$100,000 of 10%, $50 par, cumulative preferred stock. Each share is convertible into 4 shares of common stock.
Churchill has an income tax rate of 30%. It's reported net income for 2020 was $210,000 and it had 26,000 shares of common stock outstanding all year.
Calculate basic and diluted earnings per share for Churchill.
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