1. Cullumber Limited purchased 39,000 call options during the year. The options give the company the right to buy its own common shares for $11 each. The average market price during the year was $13 per share. Assume that Cullumber also wrote put options that allow the holder to sell 39,000 of Cullumbers shares to Cullumber at $15 per share. Calculate the incremental shares outstanding for Cullumber Limited.

2. Crane Corporation had 2020 net income of $ 1,291,500. During 2020, Crane has not declared or paid any dividend on 95,000 cumulative preferred shares. Crane also had 230,000 common shares outstanding during the year. The preferred shares pay an annual dividend of $ 5 per share. Calculate Cranes 2020 earnings per share.

3. Crane Corporation earned net income of $ 300,000 in 2020 and had 105,000 common shares outstanding throughout the year. Also outstanding all year was $ 820,000 of 10% bonds that are convertible into 22,000 common shares. Cranes tax rate is 40%. Calculate Cranes 2020 diluted earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.

4. Sunland Limited had 41,400 common shares outstanding on January 1, 2020. On March 1, 2020, Sunland issued 20,700 shares in exchange for equipment. On July 1, Sunland repurchased and cancelled 10,500 shares. On October 1, 2020, Sunland declared and issued a 11% stock dividend. Calculate the weighted average number of shares outstanding for Sunland for the year ended December 31, 2020.

5. Sunland Limited had 42,000 common shares outstanding on January 1, 2020. On March 1, 2020, Sunland issued 19,200 shares in exchange for equipment. On July 1, Sunland repurchased and cancelled 12,000 shares. On October 1, 2020, Sunland declared a 1for 2 reverse stock split. Calculate the weighted average number of shares outstanding for Sunland for the year ended December 31, 2020.