Answered step by step
Verified Expert Solution
Question
1 Approved Answer
At January 1, 2022, Derick Corporation had outstanding the following securities: 500 million common shares; 50 million 6% cumulative, $100 par preferred shares; 8% convertible
At January 1, 2022, Derick Corporation had outstanding the following securities: 500 million common shares; 50 million 6% cumulative, $100 par preferred shares; 8% convertible bonds, $600 million face amount, convertible into 30 million common shares. On September 1, 2022, Derick sold 90 million additional shares of common stock. &vBOTT; Incentive stock options to purchase 40 million shares of common stock after July 1, 2021, at $20 per share, were outstanding at the beginning and end of 2022. The average market price of Derick's common stock was $25 per share during 2022. Derick's net income for the year ended December 31, 2022, was $1,500 million. The effective income tax rate was 25%. Derick's 2022 diluted EPS would be: $2.18 $2.26 O $2.14 O $2.22
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started