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What amount Primus report for diluted earnings per share

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Question - Primus, Inc., owns all outstanding stock of Sonston, Inc. For the current year, Primus reports net income (exclusive of any investment income) of $672,000. Primus has 50,000 shares of common stock outstanding. Sonston reports net income of $272,000 for the period with 40,000 shares of common stock outstanding. Sonston also has 5,000 stock warrants outstanding that allow the holder to acquire shares at $11.50 per share. The value of this stock was $23 per share throughout the year. Primus owns 1,900 of these warrants. What amount should Primus report for diluted earnings per share?

Reference no: EM132609678

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