Question - On Mar-01-2012, Foley Corporation issued $2,500,000 of 4.0% cumulative convertible preference shares.
Each $80 preference share is convertible into 8 ordinary shares.
Foley's net income for 2012 was 525,000.
The tax rate is net income for 25.0%
The weighted-average shares for the year 250,000 Instructions
1. Compute Basic Earnings Per Share?
2. Compute Diluted Earnings Per Share?