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Woolery, Inc., had 50,000 shares of common stock outstanding at January 1, 2016. On March...

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Accounting

Woolery, Inc., had 50,000 shares of common stock outstanding at January 1, 2016. On March 31, 2016, an additional 12,000 shares were sold for cash. Woolery also had $4,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock. Net income for the year was $350,000. The tax rate is 35%. Required: Compute basic and diluted earnings per share (rounded to 2 decimal places) for the year ended December 31, 2016.

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