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ella [17]
3 years ago
5

At December 31, 2017, Sager Co. had 1,200,000 shares of common stock outstanding. In addition, Sager had 450,000 shares of prefe

rred stock which were convertible into 750,000 shares of common stock. During 2018, Sager paid $1,200,000 cash dividends on the common stock and $800,000 cash dividends on the preferred stock. Net income for 2018 was $6,800,000 and the income tax rate was 40%. The diluted earnings per share for 2018 is (rounded to the nearest penny
Business
1 answer:
AnnZ [28]3 years ago
8 0

Answer: $3.49

Explanation:

Diluted earnings per share = \frac{Net Income}{Outstanding Common Stock + Convertible shares}

Diluted Earnings per share = \frac{6,800,000}{1,200,000 + 750,000}

Diluted Earnings per share = 3.4871

Diluted Earnings per share = $3.49

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