Tesla Corporation is a publicly-traded company that has a December 31st year-end. For the 2015 fiscal...

Tesla Corporation is a publicly-traded company that has a December 31st year-end. For the 2015 fiscal year, there were 500,000 common shares outstanding all year. Net income for the year ended December 31, 2015, was $800,000. The company’s income tax rate is 30%. During 2014, the company issued a $6,000,000, 10% convertible bond at par. Each 2,000 bond is convertible into 10 common shares. No bonds have been converted as of December 31st, 2015. Also during 2014, Spade issued 200,000, $2 cumulative, convertible preferred shares. Two preferred shares are convertible into one common share. The preferred share dividend was declared and paid in June 2015. Calculate basic and diluted earnings per share for 2015.

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