A company has a convertible debenture bond issue outstanding The bond is a 6 percent issue of $1,000,000 and is convertible into 20,000 common shares The company's tax rate is 40 percent. Assume net income of $220,000 and a weighted-average number of common shares outstanding of 100,000 shares. 10 Required: Measure diluted earnings per share "as if" the bonds are converted to common shares