DEPS is net income available to common shareholders divided by the number of common shares outstanding after adjustment for all dilutive securities that could possibly be issued. DEPS is always equal to or less than BEPS. In this problem, the difference between BEPS and DEPS is the price used in the assumed treasury stock purchase. Under APB Opinion 15, the purchase of treasury stock from the hypothetical proceeds of the exercise of the 44,000 rights is presumed to be at the year-end market price, if higher than the average market price for the year. Thus, the $264,000 (44,000 shares