Brief Exercise 16-13
Rockland Corporation earned net income of $300,000 in 2017 and
had 100,000 shares of common stock outstanding throughout the year.
Also outstanding all year was $800,000 of 9% bonds, which are
convertible into 16,000 shares of common. Rockland’s tax rate is 40
percent.
Compute Rockland’s 2017 diluted earnings per share.
(Round answer to 2 decimal places, e.g.
3.55.)
Diluted earnings per share | $ |
Adjusted income = Net income + interest net of tax
= $300000 + 800000*9%*(1-0.40)
= 343200
Diluted earnings per share = Adjusted income / no. Of shares
= 343200 /(100000+16000)
= $2.96 per share
Brief Exercise 16-13 Rockland Corporation earned net income of $300,000 in 2017 and had 100,000 shares...
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