Answers
Calculation of Diluted earnings per share
Net income - $ 112,00,000
Add : Interest on bond (net of tax) i.e (1 - 20%)
Or (1 - .20)
5060000*7%=354200 *(1-.20) $ 2,83,360
Adjusted net income 1,14,83,360
Total outstanding shares = Current outstanding share + Convertible debenture
1815000 + (5060*14) = 1885840 shares
Diluted earning per share = Adjusted net income / outstanding share
11483360 / 1885840
= 6.08
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