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What should be basic and diluted earnings per share

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Problem - On January 1, 2021, Ajax Corporation had 500,000 shares of common stock issued, and 450,000 shares of common stock outstanding. On May 15t Ajax re-sold 30,000 treasury shares and on August 1St Ajax announced a 3 for 1 stock split. Throughout 2021, Ajax had $10,000,000 of 4 percent convertible bonds outstanding, which are convertible into 350,000 (post-split) common shares of stock. Net income in 2021 was $1,900,000. Assuming an income tax rate of 20 percent, what should be basic and diluted earnings per share for calendar year 2021, respectively?

Reference no: EM132958767

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