At December 31, 2020, Waterway Industries had 807000 shares of common stock outstanding. On October...
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At December 31, 2020, Waterway Industries had 807000 shares of common stock outstanding. On October 1, 2021, an additional 157000 shares of common stock were issued. In addition, Waterway had $9950000 of 5% convertible bonds outstanding at December 31, 2020, which are convertible into 370000 shares of common stock. No bonds were converted into common stock in 2021. The net income for the year ended December 31, 2021, was $2470000. Assuming the income tax rate was 30%, the diluted earnings per share for the year ended December 31, 2021, should be (rounded to the nearest penny) $2.44. $3.33. $2.32. $2.03
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