Note the following partial income statement for Cazzy Corporation for the current year. The company...
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Note the following partial income statement for Cazzy Corporation for the current year. The company is subject to a 30% tax rate. We present share information for the current year in a table that follows. (Click the icon to view the partial income statement.) (Click the icon to view the share information.) Cazzy had 410,000 options outstanding all year at an exercise price of $10 per share. The average market price per share of the company's shares for the current year is $20. The company issued 4%, $6,400,000 convertible debt on April 1 of the current year at par value. Each $1,000 par value bond converts into 48 shares of the company's common stock. All debt converted into common stock on July 1. Assume that the bonds are antidilutive. Each option is exercisable for one share of common stock. Read the . Requirement a. Compute basic and diluted earnings per share for income from continuing operations and net income. Show all computations. First compute the weighted-average number of common shares outstanding. (Do not round intermediary calculations. Enter a decrease in shares outstanding with a minus sign or parentheses.) Data table More info
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