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Diluted Earnings per Share-Convertible Bonds
Delgado Manufacturing Company reports long-term liabilities and stockholders' equity balances at December 31, 2008, as follows:
Convertible 5% bonds (par)
$ 800,000
Common stock, $25 par, 100,000 shares issued and outstanding
2,500,000
Additional information is determined as follows:
Conversion term of bonds-50 shares for each $1,000 bond
Income before extraordinary items-2008
$ 199,800
Extraordinary gain (net of tax)
43,520
Net income-2008
$ 243,320
Compute the basic and diluted EPS for the company for 2008, assuming that the income tax rate is 30%. No changes occurred in the debt and equity balances during 2008.
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