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ABC Corporation had 100,000 shares of common stock outstanding on January 1, 2010. ABC also had 10,000 shares of 6%, $100 par value convertible...
ABC Corporation had 100,000 shares of common stock outstanding on January 1, 2010. ABC also had 10,000 shares of 6%, $100 par value convertible preferred stock outstanding throughout 2010. Each share of preferred stock is convertible into three shares of common. Additionally, ABC had $500,000 of 8% convertible bonds outstanding throughout the year. Each $1,000 bond is convertible into 30 shares of common stock. ABC reported earnings before interest and taxes $600,000 for 2010 and was subject to a 40% tax rate. ABC paid dividends to all common and preferred stock shareholders during the year. Calculate ABC's basic earnings per share for 2010. Show your work.
ABC Corporation had 100,000 shares of common stock outstanding on January 1, 2010. ABC also had 10,000 shares of 6%, $100 par value convertible preferred stock outstanding throughout 2010. Each...