Datatec, Inc., had 400,000 shares of P20 par common stock and 40,000 shares of P100 par, 6% cumulative, convertible preferred stock outstanding for the entire year ended December 31, 2003. Each share of the preferred stock is convertible into 5 shares of common stock. Datatec's net income for 2003 was P1,680,000. For the year ended December 31, 2003, the diluted earnings per share is   Choices; P2.40. P2.80. P3.60. P4.20.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Datatec, Inc., had 400,000 shares of P20 par common stock and 40,000 shares of P100 par, 6% cumulative, convertible preferred stock outstanding for the entire year ended December 31, 2003. Each share of the preferred stock is convertible into 5 shares of common stock. Datatec's net income for 2003 was P1,680,000. For the year ended December 31, 2003, the diluted earnings per share is
 
Choices;
P2.40.
P2.80.
P3.60.
P4.20.
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