FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Information concerning the capital structure of Crane Corporation is as follows: Common stock Convertible preferred stock 6% convertible bonds 2025 December 31, $2.15 $2.02 $1.70 $1.90 157000 shares 15200 shares $2500000 2024 157000 shares 15200 shares $2500000 In 2025, Crane paid dividends of $0.70 per share on its common stock and $2.00 per share on its preferred stock. The preferred stock is convertible into 31000 shares of common stock. The 6% convertible bonds are convertible into 74400 shares of common stock. The net income for the year ended December 31, 2025, was $393560. Assume that Crane's income tax rate was 30%. What should Crane report for diluted earnings per share for the year ended December 31, 2025?
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Transcribed Image Text:Information concerning the capital structure of Crane Corporation is as follows: Common stock Convertible preferred stock 6% convertible bonds 2025 December 31, $2.15 $2.02 $1.70 $1.90 157000 shares 15200 shares $2500000 2024 157000 shares 15200 shares $2500000 In 2025, Crane paid dividends of $0.70 per share on its common stock and $2.00 per share on its preferred stock. The preferred stock is convertible into 31000 shares of common stock. The 6% convertible bonds are convertible into 74400 shares of common stock. The net income for the year ended December 31, 2025, was $393560. Assume that Crane's income tax rate was 30%. What should Crane report for diluted earnings per share for the year ended December 31, 2025?
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