Problem
Bra, a publicly quoted company, has 750,000 ordinary shares of $4 each in issue throughout its financial year ended 31 March 2014.
The following are the other particulars:
- 1 July: New issue of 250,000 ordinary shares at full market price;
- 30 September: 3:2 share split;
- 1 November: Bonus issue made of 2 for 5
- 100,000 8.5% convertible preference shares of $10 each in issue. Each preference share is convertible into 15 ordinary shares.
The statement of comprehensive income of Bra for the year ended 31 March 2015 reports a net profit after tax of $928,500. Tax on profits is 30%. The average market price of Bra ordinary shares was $8 for the year ended 31 March 2015.
Required: Calculate Bra basic and diluted earnings per share figures for the year ended 31 March 2015.