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On December 31, 2015, Mickey Company reports Net Income of $105,400. The weighted average common shares outstanding for 2015 is 39,000. No dividends have been declared or paid during 2015. The tax rate is 30%. Mickey Company also reports the following four convertible securities outstanding during all 2015:
11.0% Bonds:
$220,000 face (maturity) value. Issued at par. Each $1,000 bond converts into 44 shares of common stock.
10.0% Bonds:
$100,000 face (maturity) value. Issued at a market of 11.4% with a current book
value of $90,350. Each $1,000 bond converts into 55 shares of common.
9.5% Preferred:
$200,000 preferred stock. Cumulative. Each $100 par value preferred share converts into 4.2 shares of common stock.
Stock Options:
22,000 options. Exercise price is $20. Average market price common stock is $32 per share.
Instructions
1. Calculate the Basic Earnings per Share (BEPS) that Mickey Company should report on its 2015 income statement.
2. Calculate the Diluted Earnings per Share (DEPS) that Mickey Company should report on its 2015 income statement. Be sure to indicate the incremental impact of each dilutive security and incorporate it appropriately into the DEPS calculation.
Financial Statement Analysis and Preparation
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