Question: Basic earnings per share for 2011 is ( rounded to the nearest penny) Hanson Co. had 200,000 ordinary shares, 20,000 shares of convertible preference shares,

Basic earnings per share for 2011 is ( rounded to the nearest penny)

Hanson Co. had 200,000 ordinary shares, 20,000 shares of convertible preference shares, and $1,000,000 of 10% convertible bonds outstanding during 2011. The preference shares are convertible into 40,000 ordinary shares. During 2011, Hanson paid dividends of $1.20 per share on the ordinary shares and $4 per share on the preference shares. Each $1,000 bond is convertible into 45 ordinary shares. The net income for 2011 was $800,000 and the income tax rate was 30%

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