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1. (EPS with Convertible Bonds and Preferred Stock) On January 1, 2010, Lindsey Company issued 10-year, $3,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Lindsey common stock. Lindsey's net income in 2011 was $240,000, and its tax rate was 40%. The company had 100,000 shares of common stock outstanding throughout 2010. None of the bonds were converted in 2010.
(a) Compute diluted earnings per share for 2010.
(b) Compute diluted earnings per share for 2010, assuming the same facts as above, except that $1,000,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Lindsey common stock.
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