17. Cullumber Co. had 197000 shares of common stock, 20200 shares of convertible preferred...

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Accounting

17.
Cullumber Co. had 197000 shares of common stock, 20200 shares of convertible preferred stock, and $1492000 of 6% convertible bonds outstanding during 2025. The preferred stock is convertible into 39400 shares of common stock. During 2025, Cullumber paid dividends of $0.80 per share on the common stock and $3 per share on the preferred stock. Each $1000 bond is convertible into 30 shares of common stock. Cullumber's net income for 2025 was $610000 and its income tax rate was 30%.
Basic earnings per share for 2025 is
$2.50.
$2.79.
$2.31.
$2.58.
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