50. The following financial information is available at the end of the year.
Share Information
Security Authorized Issued &
Other features
outstanding
Common stock 500,000 250,000 Currently pays a dividend
of $1 per share.
Preferred stock, series A 50,000 12,000 Nonconvertible,
cumulative; pays a dividend
of $4 per share.
Preferred stock, series B 50,000 30,000 Convertible; pays a
dividend of $7.50 per share.
Each share is convertible
into 2.5 common shares.
Additional Information:
Retained earnings at start of year = $6,000,000
Reported income for the year = $1,000,000
The diluted EPS is closest to:
A. $2.91.
B. $2.93.
C. $3.08.
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