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Calculate diluted earnings per share

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Question - On December 31, 2021, Culver Co. had 178,500 common shares outstanding. The company also had outstanding a convertible bond with a face value of $84,500 that had been issued in 2015. The bond paid 6% interest per year and was convertible to 1,690 common shares. Culver Co. had net income for 2021 of $838,950 and was subject to a 30% income tax rate. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).

Required - Calculate diluted earnings per share.

Reference no: EM133024788

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