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Calculate tamarisk basic earnings per share for the year

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Reference no: EM131563743

Problem - Tamarisk Horizon Corp had the following items, all of which were outstanding throughout the entire fiscal year ending September 30, 2018:

  • 860,000 common shares
  • 300,000 $3 cumulative, no-par value preferred shares
  • Options to purchase 100,000 common shares at $12 per share. The average market price of Tamarisk's common shares during the year was $21 per share. None of the options were exercised or expired during fiscal 2018
  • 9% bond with a face value of $1,900,000, convertible to 49,000 common shares.

Tamarisk's net income for fiscal 2018 was $7,700,000, and its tax rate was 15%. Preferred dividends had been paid in all previous fiscal years.

Calculate Tamarisk's basic earnings per share for the year.

Reference no: EM131563743

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