Assignment Problem: Compute Diluted EPS for the following 3 situations:
1) A Redwell Corp. had net income of $207,340 and 133,000 shares of common outstanding. Also outstanding were 15,000 options to purchase common stock at $12/share. The average market price was $15.
2) Redford Corp. earned net income of $839,130 in 2016 and had 180,000 shares of common stock outstanding. Also outstanding all year was $947,000 of 10% bonds which are convertible into 15,000 Shares of common stock. The tax rate is 30%.
3) Darryry Corp. had net income of $390,000 and had 67,000 shares outstanding. Also outstanding all year were 7,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $6/share. The tax rate is 38%.
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