At December 31, 2017, Crane Company had 1120000 shares of common stock outstanding. In addition, Crane...
At December 31, 2017, Crane Company had 1120000 shares of common
stock outstanding. In addition, Crane had 455000 shares of
preferred stock which were convertible into 759000 shares of common
stock. During 2018, Crane paid $1250000 cash dividends on the
common stock and $796000 cash dividends on the preferred stock. Net
income for 2018 was $6800000 and the income tax rate was 40%. The
diluted earnings per share for 2018 is (rounded to the nearest
penny)
| $2.55. |
| $3.62. |
| $6.06. |
| $5.40. |
Homework Answers
Basic earning per share = (6800000-796000)/1120000 = 5.36
Diluted earning per share = 6800000/(1120000+759000) = 3.62
So answer is b) $3.62
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