Question: 12. Cell Services Inc. (CSI) had 1,000,000 average shares outstanding during all of 2009. During 2009, CSI also had 10,000 options outstanding with exercise prices

12. Cell Services Inc. (CSI) had 1,000,000 average shares outstanding during all of 2009. During 2009, CSI also had 10,000 options outstanding with exercise prices of USD10 each. The average stock price of CSI during 2009 was USD15. For purposes of computing diluted earnings per share, how many shares would be used in the denominator?

A. 1,003,333 B. 1,006,667 C. 1,010,000

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