(Answered) Question - assume that the following data relate to rosen

Accounting

Question - Assume that the following data relate to Rosen, Inc. for the year 2015:

Net income (40% tax rate) $3,500,000

Average common shares outstanding 2015 1,000,000 shares 8% cumulative convertible preferred stock:

Convertible into 80,000 shares of common $2,000,000 5% convertible bonds; convertible into 75,000 shares of common $4,000,000

Stock options:

Exercisable at the option price of $30 per share; average market price in 2015, $35 84,000 shares

Instructions - Compute (a) basic earnings per share, and (b) diluted earnings per share.

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