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Compute both basic and diluted earnings per share

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Reference no: EM13865669

Net Income$1,400,000

Transactions in Common Shares ChangeCumulative

Jan. 1, 2014, Beginning number500,000

Mar. 1, 2014, Purchase of treasury shares(60,000)440,000

June 1, 2014, Stock split 2-1440,000880,000

Nov. 1, 2014, Issuance of shares120,0001,000,000

8% Cumulative Convertible Preferred Stock

Sold at par, convertible into 200,000 shares of common;

Outstanding for all of 2014.$1,000,000

Stock Options

Exercisable at the option price of $25 per share. Average market price in 2014, $30. Outstanding for all of 2014.60,000 shares

REQUIRED:

Compute both basic and diluted earnings per share.

Reference no: EM13865669

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