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Homework Quiz&acirc;€”11 S11 Section 3

Homework Quiz&acirc;€”11 S11 Section 3 - Homework...

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Homework Quiz— 11 S11 Section 3 Name Section At 12/31/10 ABC Company had the following: a. 3,978,000 weighted average common shares outstanding for the calculation of Basic EPS. ABC’s common stock is \$10 par. b. Net income of \$8,689,000. For all of 2010 ABC Company had the following: c. 40,000 outstanding shares of 5.5%, \$100 par convertible preferred stock. Each share of preferred convertible into 5 shares of ABC Common. d. \$1,600,000 of 6.5% convertible bonds outstanding. Each \$1,000 bond is convertible into 32 shares of ABC Common. e. 200,000 outstanding warrants. Each warrant is convertible into 1 share of ABC Common. The exercise price of each warrant is \$40. The average price of ABC’s common stock during 2010 was \$52. f. \$3,000,000 of 8% bonds. g. Dividends of \$1.60 per share on the common stock were declared and paid. h. Tax rate is 40%. Assume all preferred dividend and bond interest payments were made. Required

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Homework Quiz&acirc;€”11 S11 Section 3 - Homework...

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