If each share of preferred stock is convertible into 2


Vent, Inc. reported net income of $770,000 for 2015. On July 1, 2015 Vent sold 15,000 shares of treasury stock acquired in a previous year and on November 1, 2015 Vent sold 15,000 new shares. At the end of 2015, 180,000 shares were outstanding. 

Vent had 20,000 shares of $100 par value 7% convertible preferred stock outstanding all year. Vent paid dividend to the preferred shareholders. No other potentially dilutive financial instruments are outstanding.

If each share of preferred stock is convertible into 2 shares of common stock, what is the diluted earnings per share for 2015?

Format; $x.xx Include $ sign, round if necessary.

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Finance Basics: If each share of preferred stock is convertible into 2
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