Homework Answers
Diluted EPS=
(Net income after giving effect to diluted
share ) / ( Average outstanding shares + Diluted shares)
Net income after giving effect to diluted Shares=net income + interest on bonds payable – (30% on interest on bonds payable)
= 260000+770000(9%)- (30% of (770000(9%) )
= 260000+69300-20790
= 308510
Diluted shares = 19000
Outstanding shares = 99000
Diluted eps = 308510 / (19000+99000)
= 2.6144
= 2.61
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Brief Exercise 16-13 Rockland Corporation earned net income of $300,000 in 2017 and had 100,000 shares...
Brief Exercise 16-13
Rockland Corporation earned net income of $300,000 in 2017 and
had 100,000 shares of common stock outstanding throughout the year.
Also outstanding all year was $800,000 of 9% bonds, which are
convertible into 16,000 shares of common. Rockland’s tax rate is 40
percent.
Compute Rockland’s 2017 diluted earnings per share.
(Round answer to 2 decimal places, e.g.
3.55.)
Diluted earnings per share
$
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(Round answer to 2 decimal places, e.g.
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Diluted earnings per
share
$...
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Brief Exercise 16-13
Rockland Corporation earned net income of $300,000 in 2017 and
had 100,000 shares of common stock outstanding throughout the year.
Also outstanding all year was $800,000 of 9% bonds, which are
convertible into 16,000 shares of common. Rockland’s tax rate is 40
percent.
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(Round answer to 2 decimal places, e.g.
3.55.)
Diluted earnings per share
$
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face value, 6% bonds, at par. Each $1,000 bond is convertible into
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was $311,000, and its tax rate was 40%. The company had 101,000
shares of common stock outstanding throughout 2017. None of the
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(a) Compute diluted earnings per share for 2017.
(Round answer to 2 decimal places, e.g.
$2.55.)
Diluted earnings per
share
$...
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