Use the information provided to calculate the basic and diluted share profit for 2020.

Net income for the year 2020 = $240,000

Weighted average of joint shares in circulation for 2020 = 30,000

Dividend into cumulative preferred shares = $60,000 per year. In 2020 the company did not declare dividends.

Bonds payable, convertible. Issued in 2016. They can be converted from 2022. They are convertible into a total of 15,000 common shares. Interest expense on bonds in 2020 was $60,000.

The effective income contribution rate for 2020 = 25%.