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What are the basic earnings per share and diluted earnings

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Problem 1: The Grouper Corporation issued 10-year, $5,270,000 par, 6% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in 2 years it will increase to 19:1. At the date of issue, the bonds were sold at 96. Bond discount is amortized on a straight-line basis. Grouper's effective tax was 35%. Net income in 2017 was $8,800,000, and the company had 1,985,000 shares outstanding during the entire year.

Question 1: What are the Basic earnings per share and Diluted earnings per share

Reference no: EM132472144

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