On december 31, 2020, merlin company had outstanding 400,000 shares of common stock and 40,000 shares of 8% cumulative preferred stock (par $10). on february 28, 2021, the preferred stock was convertible into 30,000 shares of common stock. merlin issued an additional 36,000 shares of common stock. a 10% stock dividend was declared and distributed on july 1, 2021. on september 1, 2021, 9,000 shares were retired. at year-end, there were fully vested incentive stock options outstanding for 30,000 shares of common stock (adjusted for the stock dividend). the exercise price was $18. the market price of the common stock averaged $20 during the year. also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2018 and convertible into 50,000 common shares (adjusted for the stock dividend). net income was $900,000. the tax rate for the year was 25%.
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