At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 800 million common shares 20 million 5% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,500 million face amount, convertible into 90 million common shares The following additional information is available: On September 1, 2024, M. E. Gainor sold 75 million additional shares of common stock. Incentive stock options to purchase 60 million shares of common stock after July 1, 2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $18 per share during 2024. ⚫ Gainor's net income for the year ended December 31, 2024, was $2,310 million. The effective income tax rate was 25%. Required: 1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.

At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 800 million common shares 20 million 5% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,500 million face amount, convertible into 90 million common shares The following additional information is available: On September 1, 2024, M. E. Gainor sold 75 million additional shares of common stock. Incentive stock options to purchase 60 million shares of common stock after July 1, 2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $18 per share during 2024. ⚫ Gainor's net income for the year ended December 31, 2024, was $2,310 million. The effective income tax rate was 25%. Required: 1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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