b. Compute the required EPS amounts.

• Note: Round earnings per share amounts to two decimal places.
• Note: If an amount is not required, leave the answer blank (zero).

	Net Income Available to Common Stockholders	Weighted Avg. Common Shares Outstanding	Per Share
Basic EPS
Diluted EPS

At the end of 2020, the records of Wolverine Corporation reflected the following.

Common stock, $10 par; authorized 100,000 shares: issued and outstanding throughout the year,
50,000 shares			$500,000
Preferred stock, $50 par, 7%, cumulative, convertible into common stock, share for share;
authorized, 10,000 shares; issued and outstanding throughout year, 2,000 shares			100,000
Contributed capital in excess of par, common stock			80,000
Retained earnings (no dividends declared during the year)			470,000
Bonds payable, 10% nonconvertible, issued at par in 2016			150,000
Net income			120,000
Stock options outstanding (all year for 10,000 shares of common stock at $15 per share)
Income tax rate, 25%
Average market price of the common stock during 2020, $25 per share