at december 31, 2020, waterway industries had 2060000 shares of common stock outstanding. On january 1,...
at december 31, 2020, waterway industries had 2060000 shares of common stock outstanding. On january 1, 2021, waterway issued 508000 shares of preferred stock which were convertible into 970000 shares of common stock. During 2021, waterway declares and paid $1130000 cash dividend on the common stock and $408000 cash dividend on the preferred stock. Net income for the year ended December 31, 2021 wa $4940000. Assuming an income tax rate of 30%, what should be diluted earnings per share for the year ended December 31, 2021?
$1.46
$2.40
$2.03
$1.63
Homework Answers
| Net income | 4940000 | |
| Divide by Total potential common stock outstanding | 3030000 | =2060000+970000 |
| Diluted earnings per share | 1.63 | |
| Option D $1.63 is correct |
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