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What is ajax basic and diluted earnings per share

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Problem 1: On January 1, 2027, Ajax Corporation had 5 million shares of common stock, issued and outstanding. On April 1, 2027 Ajax issued an additional 1 million shares of common stock. Ajax also has $20 million face value, 4.25% convertible bonds outstanding for the entire year. The bonds are convertible into 1 million common shares. Ajax has a tax rate of 20% and net income of $10 million in 2027. What is Ajax's basic and diluted earnings per share for 2027, respectively?

option 1: $1.74; $1.58

option 2: $2.00; $1.58

option 3: $1.74; 1.61

option 4: $2.00; $1.78

Reference no: EM132815332

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