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Bramble Corp. had 812000 shares of common stock outstanding on January 1, issued 122000 shares on May 1, purchased 66000 shares of treasury stock on September 1, and issued 55000 shares on November 1. The weighted average shares outstanding for the year is

a. 880500.

b. 902500.

c. 858500.

d. 924500.

29.

On January 2, 2021, Bramble Corp. issued at par $1920000 of 6% convertible bonds. Each $1000 bond is convertible into 10 shares of common stock. No bonds were converted during 2021. Bramble had 196000 shares of common stock outstanding during 2021. Brambles 2021 net income was $901000 and the income tax rate was 25%. Brambles diluted earnings per share for 2021 would be (rounded to the nearest penny):

a. $4.60.

b. $4.73.

c. $4.59.

d. $5.03.

30. Bramble Corp. had net income for the year of $717000 and a weighted average number of common shares outstanding during the period of 243000 shares. The company has a convertible bond issue outstanding. The bonds were issued four years ago at par ($2960000), carry a 8% interest rate, and are convertible into 49300 shares of common stock. The company has a 45% tax rate. Diluted earnings per share are (rounded to the nearest penny)

a. $2.90.

b. $3.26.

c. $2.01.

d. $2.76.