(Answered) Question - as of jan 1 2010 def corp had 20000 common

Accounting

Question - As of Jan 1, 2010 DEF Corp had 20000 common shares outstanding and 3000 convertible preferred shares of 4% par value $100 outstanding. Each share of preferred stock is convertible into .5 shares of common. During 2010 no new common shares were issued and no preferred stock was converted. The tax rate for DEF was 25%. Net income was $250,000.

a) How much were basic earnings per share?

b) How much were diluted earnings per share?

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