Raymond James had 100,000 shares of common stock outstanding on January 1, 2021. On September 30, 2021, Raymond James sold 40,000 shares of common stock for cash. Raymond James also had 6,000 shares of convertible preferred stock outstanding throughout 2021. The preferred stock is $100 par, 6%, and is convertible into 3 shares of common for each share of preferred. Raymond James also had 420, 8%, convertible bonds outstanding throughout 2021. Each $1,000 bond is convertible into 30 shares of common stock. The bonds sold originally at face value. Reported net income for 2021 was $270,000 with a 40% tax rate. Common shareholders received $1.20 per share dividends after preferred dividends were paid in 2021. Required: Compute basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)
Raymond James had 100,000 shares of common stock outstanding on January 1, 2021. On September 30, 2021, Raymond James sold 40,000 shares of common stock for cash. Raymond James also had 6,000 shares of convertible
Required:
Compute basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)
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