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The given information applies to the Steve Corp for 2008:

Transactions in Common Shares                          Change            Shares Outstanding
1/1/08 Beginning Shares Outstanding                                             1,000,000
3/1/08 Purchases of Treeasury Shares                 (600,000)             940,000
6/1/08 Stock Split 2 –for – 1                                 940,000           1,880,000
11/1/08 Issuance of Additional shares                    120,000            2,000,000
Outstanding Stock Options (Granted in 2006)

Option for 60,000 shares exercisable at a alternative price of $25 per share Average 2008 market price was $30 per shared, ( Market price and

option price previously adjusted for stock split)

Convertible Bonds (Issued December1, 2008)

$5 million of 4% bonds convertible to 400,000 shares of common stock.

Net income in 2008 was $3,200,000 Steve’s tax rate is 35%

1) find out basic earnings per share for 2008

2) find out diluted earnings per share for 2008.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99328

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