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Concord Corporation had 199000 shares of common stock, 20700 shares of convertible preferred stock, and $607000 of 9% convertible bonds outstanding during 2021. The preferred stock is convertible into 40200 shares of common stock. During 2021, Concord paid dividends of $0.55 per share on the common stock and $1.70 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $369000 and the income tax rate was 30%. Basic earnings per share for 2021 is (rounded to the nearest penny) $1.49. $1.29. $1.68. $1.54.

Concord Corporation had 199000 shares of common stock, 20700 shares of convertible preferred stock, and $607000 of 9% convertible bonds outstanding during 2021. The preferred stock is convertible into 40200 shares of common stock. During 2021, Concord paid dividends of $0.55 per share on the common stock and $1.70 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $369000 and the income tax rate was 30%. Basic earnings per share for 2021 is (rounded to the nearest penny) $1.49. $1.29. $1.68. $1.54.

FINANCIAL ACCOUNTING
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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Concord Corporation had 199000 shares of common stock, 20700 shares of convertible preferred stock, and $607000 of 9% convertible bonds outstanding during 2021. The preferred stock is convertible into 40200 shares of common stock. During 2021, Concord paid dividends of $0.55 per share on the common stock and $1.70 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $369000 and the income tax rate was 30%.

Basic earnings per share for 2021 is (rounded to the nearest penny)

$1.49.
$1.29.
$1.68.
$1.54.
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