Business
Business, 08.11.2019 06:31, lilpetals

On january 1, 2018, tonge industries had outstanding 620,000 common shares ($1 par) that originally sold for $20 per share, and 7,000 shares of 10% cumulative preferred stock ($100 par), convertible into 70,000 common shares. on october 1, 2018, tonge sold and issued an additional 20,000 shares of common stock at $38. at december 31, 2018, there were 27,000 incentive stock options outstanding, issued in 2017, and exercisable after one year for 27,000 shares of common stock at an exercise price of $35. the market price of the common stock at year-end was $53. during the year, the price of the common shares had averaged $45. net income was $760,000. the tax rate for the year was 40%. required: compute basic and diluted eps for the year ended december 31, 2018. (enter your answers in thousands.)

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