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Computing Basic and Diluted Earnings per Share During 2015, Park Corporation had 100,000 shares of...

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Accounting

Computing Basic and Diluted Earnings per Share

During 2015, Park Corporation had 100,000 shares of $10 par value common stock and 20,000 shares of 8%, $50 par value convertible preferred stock outstanding. Each share of preferred stock may be converted into three shares of common stock. Park Corporation's 2015 net income was $440,000. Required a. Compute the basic earnings per share for 2015. (Round answer to two decimal places.) $Answer b. Compute the diluted earnings per share for 2015. (Round answer to two decimal places.) $Answer

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