Rhonda Company

  

Rhonda Company had 40,000 shares of common stock outstanding during 2010 and compensatory stock options to purchase 5,000 shares of common stock at $10 a share plus a $3 a share unrecognized compensation cost (net of tax).

The average market price is $20 a share.

The company also had 7% convertible preferred stock on which dividends of $9,000 were declared. Preferred stock is convertible into 6,000 common shares.

Rhonda’s after-tax net income was $88,000, and the tax rate was 40%.

 
Compute 2010 diluted earnings per share for Rhonda Company. Label you work and show all calculations.

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