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Mirrlees Corp. has 10,000,000 bonds convertible into 36 shares per $1,000 bond. Mirrlees has 570,000...

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Finance

Mirrlees Corp. has 10,000,000 bonds convertible into 36 shares per $1,000 bond. Mirrlees has 570,000 outstanding shares. Mirrlees has a tax rate of 35%. The average Aa bond yield at the time of issue was 12%. Compute the "basic earnings per share" if after-tax earnings are $760,000. (Round your answer to 2 decimal places.)

Multiple Choice

  • $1.01

  • $0.13

  • $0.91

  • $1.33

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