Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2021:
Common shares outstanding throughout the year 100 million
Convertible preferred shares (convertible into 32 million shares of common) 60 million
Convertible 8% bonds (convertible into 13.5 million shares of common) $ 900 million
Henderson-Niles's net income for the year ended December 31, 2021, is $520 million. The income tax rate is 25%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2021.
Required:
Compute basic and diluted earnings per share for the year ended December 31, 2021.
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