H.K Corporation had net income for the year of $520,000 and a weighted average number of common
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H.K Corporation had net income for the year of $520,000 and a weighted average number of common shares outstanding during the period of 225,000 shares. The company has a convertible bond issue outstanding. The bonds were issued four years ago at par ($3,000,000), carry a 7% interest rate, and are convertible into 40,000 shares of common stock. The company has a 40% tax rate.
Calculate diluted earnings per share.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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