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Calculate the basic and diluted earnings per share

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Question - Calculate the basic and diluted earnings per share.

During 2010, Selective Insurance had the following convertible securities outstanding:

  • 200,000 of 6% convertible bonds. Each $1,000 bond is convertible into 30 shares of common stock.
  • 100,000 of 10%, $50 par, cumulative preferred stock. Each share is convertible into 4 shares of common stock.

Selective has an income tax rate of 30%.  Its reported net income for 2010 was $210,000, and it had 26,000 shares of common stock outstanding all year.

Reference no: EM132288953

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