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Compute Greenwood Corporation basic and diluted earnings

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Problem - Given the following year-end information, compute Greenwood Corporation's basic and diluted earnings per share.

Net income, $15,000

The income tax rate, 30%

4,000 shares of common stock were outstanding the entire year.

500 shares of 10%, $50 par (and issuance price) convertible preferred stock were outstanding the entire year.

Dividends of $2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.

Reference no: EM132889570

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