3. Vent, Inc. reported net income of $770,000 for 2015. Vent sold 15,000 shares of treasury stock acquired in a previous year on July 1 and 15,000 new shares on November 1. At yearend, 180,000 shares were outstanding. Vent had 20,000 shares of $100 par value 7% preferred stock outstanding all year. Vent paid dividends to the preferred shareholders.

a. The weighted average number of common shares used to compute earnings per share for 2015 is

A. 150,000. B. 160,000. C. 165,000. D. 180,000.

b. The basic earnings per share for 2015 is (rounded)

A. $3.50 per share. B. $3.94 per share. C. $4.81 per share. D. $6.10 per share.

c. If each share of preferred stock is convertible into 2 shares of common stock, the diluted earnings per share for 2015 is

A. $3.85 per share. B. $3.94 per share. C. $4.81 per share. D. $6.10 per share.

pls show the calculation so i can understand