On December 31, 2023, LCJ Incorporated had 320 million shares of common stock and 3...

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Accounting

On December 31, 2023, LCJ Incorporated had 320 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.

On March 1, 2024, LCJ purchased 24 million shares of its common stock as treasury stock.

LCJ issued a 5% common stock dividend on July 1, 2024.

Four million treasury shares were sold on October 1.

Net income for the year ended December 31, 2024, was $350 million.

The income tax rate is 25%.

Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2019.

The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share.

During 2024, the market price of the common shares averaged $70 per share.

In 2020, $50.0 million of 8% bonds, convertible into 6 million common shares, were issued at face value.

Compute LCJs basic and diluted earnings per share for the year ended December 31, 2024. (Shares for stock options and conversion of convertible securities have been adjusted for any stock split or stock dividend.)

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