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Calculate companys basic and fully diluted earning per share

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Problem

XYZ, INC had net income of $10 million for the year. It had outstanding 1 million common stock shares until September 30th when us issued another 500,000 shares (1,500,000 at year-end). XYZ also had 50,000 preferred shares that paid a $4 annual dividend. The preferred stock was convertible into common stock at the rate of 2 common shares for each preferred share.

Calculate the company's basic and fully diluted earnings per share.

Reference no: EM131788430

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