During 2015, Park Corporation had 100,000 common shares with a par value of $10 and 20,000 convertible preferred shares with a par value of $50 at 8% outstanding. Each preferred share may be converted into three common shares. Park Corporation's net income in 2015 was $440,000.

Required
a. Calculate basic earnings per share for 2015.

b. Calculate diluted earnings per share for 2015. 

Answer rating: 100% (QA)

To calculate basic earnings per share EPS for 2015 we need to divide the net income by the weighted ... View the full answer