At january 1, 2018, canaday corporation had outstanding the following securities:
690 m...
At january 1, 2018, canaday corporation had outstanding the following securities:
690 million common shares
30 million 5% cumulative preferred shares, $50 par
6% convertible bonds, $3,000 million face amount, convertible into 60 million common shares
the following additional information is available:
on september 1, 2018, canaday sold 72 million additional shares of common stock.
incentive stock options to purchase 40 million shares of common stock after july 1, 2017, at $14 per share were outstanding at the beginning and end of 2018. the average market price of canaday’s common stock was $20 per share during 2018.
canaday's net income for the year ended december 31, 2018, was $1,512 million. the effective income tax rate was 40%.
required:
1. & 2. calculate basic and the diluted earnings per common share for the year ended december 31, 2018.
Answers: 1
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