Earnings Per Share Options and Warrants E15.28. Howat Corporation earned $360,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $15 per share during the period. Also outstanding were 15,000 warrants that could be exercised to purchase one share of common stock for $10 for each warrant exercised. a. Are the warrants dilutive? b. Compute basic earnings per share. c. Compute diluted earnings per share