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Rockland Corporation earned net income of $389,700 in 2010 and had 100,000 shares of common
stock outstanding throughout the year. Also outstanding all year was $1,039,200 of 10% bonds, which
are convertible into 20,784 shares of common. Rockland’s tax rate is 40 percent. Compute Rockland’s 2010
diluted earnings per share.
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Question:
Rockland Corporation earned net income of $389,700 in 2010 and had 100,000 shares
of common stock outstanding throughout the year. Also outstanding all year was
$1,039,200 of 10% bonds,...