Information from the financial statements of Jay Industries included the following at December 31, 2021: Common...

Information from the financial statements of Jay Industries included the following at December 31, 2021:


Common shares outstanding throughout the year		100	million
Convertible preferred shares (convertible into 36 million shares of common)		60	million
Convertible 8% bonds (convertible into 14.5 million shares of common)	$	1,600	million

Jays’s net income for the year ended December 31, 2021, is $740 million. The income tax rate is 25%. Jays paid dividends of $3 per share on its preferred stock during 2021.

Required:
Compute basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answers to 2 decimal places.)

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Expert Solution

ekkarill92 answered 1 year ago

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