During 2016, Mayfair Company had the following securities outstanding: 1. 250,000 shares of common stock with an
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During 2016, Mayfair Company had the following securities outstanding:
1. 250,000 shares of common stock with an average market price of $25 per share.
2. 9.5% convertible preferred, which had been sold at its par value of $100. The preferred stock is convertible into three shares of common stock and 3,000 preferred shares are currently outstanding.
During 2016, Mayfair earned net income after income taxes of $3.2 million. Calculate the
(a) basic earnings per share and
(b) diluted earnings per share for Mayfair Company for 2016.
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