Question
At January 1, 2021, Canaday Corporation had outstanding the following securities: 700 million common shares 20 million 8% cumulative preferred shares, $50 par 6.4% convertible
At January 1, 2021, Canaday Corporation had outstanding the following securities: 700 million common shares 20 million 8% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,500 million face amount, convertible into 70 million common shares The following additional information is available: On September 1, 2016, Canaday sold 75 million additional shares of common stock. Incentive stock options to purchase 50 million shares of common stock after July 1, 2015, at $10 per share were outstanding at the beginning and end of 2016. The average market price of Canadays common stock was $20 per share during 2016. Canaday's net income for the year ended December 31, 2021, was $2,370 million. The effective income tax rate was 25%. Required: 1. & 2. Calculate basic and diluted earnings per common share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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