The lower portion of the 2008 income statement for Duke Energy Corporation follows (dollars in millions, except per-share amounts):
REQUIRED:
a. Why is there a distinction among income from continuing operations, income from discontinued operations, and income from extraordinary items?
b. Estimate the number of common shares outstanding.
c. Why is there a distinction between basic earnings per share and diluted earnings per share?
d. Estimate the number of common shares that would be outstanding if all potentially dilutive securities were converted to common shares.