During the current year, East Corporation had 3 million shares of common stock outstanding. 2,100, 4% convertible
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During the current year, East Corporation had 3 million shares of common stock outstanding. 2,100, 4% convertible bonds, each with $1,000 face value, were issued at face amount at the beginning of the year. East reported income before tax of $4 million and net income of $2.4 million for the year. Each bond is convertible into 10 shares of common stock. What is diluted EPS?(Round your answer to 2 decimal places. Do not round your intermediate calculations.)
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