(Answered) Problem - information from the financial statements of

Accounting

Problem - Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2011:

Common shares outstanding throughout the year	100 million
Convertible preferred shares (convertible into 32 million shares of common)	58 million
Convertible 10% bonds (convertible into 14.00 million shares of common)	$930 million

Henderson-Niles' net income for the year ended December 31, 2011, is $520 million. The income tax rate is 35%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2011.

Required: Compute basic and diluted earnings per share for the year ended December 31, 2011.

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