At December 31, 2016, the financial statements of Hollingsworth Industries included the following:
Net income for 2016
$560 million
Bonds payable, 10%, convertible into 36 million shares of common stock
$300 million
Common stock:
Shares outstanding on January 1
400 million
Treasury shares purchased for cash on September 1
30 million
Required:
Compute basic and diluted EPS for the year ended December 31, 2016