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The shareholders' equity of Cameron Corp. as of 31 December 20X6, the end of the current fiscal year, is as follows: $1 cumulative preferred shares, no par convertible at the rate of 5-for-1; 348,800 shares outstanding Common shares, no par; 3,300,000 shares outstanding Common stock conversion rights Retained earnings $ 9,152,098 15,200,000 233,000 30,620,000 Additional information On 1 July 20X6, 154,000 preferred shares were converted to common shares at the rate of 5 for 1 During 20X6. Cameron had convertible subordinated debentures outstanding with a face value of $4,020,000 The debentures are due in 20X2, at which time they may be converted to common shares or repaid at the option of the holder. The conversion rate is 15 common shares for each $100 debenture Interest expense of $177,000 was recorded in 20X6. The convertible preferred shares had been issued in 20X0 Quarterly dividends, on 31 March 30 June 30 September, and 31 December, have been regularly declared, The company's 20X6 net earnings were $2.293.000, after tax at 35%. Common shares traded for an average price of $20, Stable in each quarter of the year Cameron had certain employee stock options outstanding all year. The options were to purchase 580,000 common shares at a price of $16 per share. The options become exercisable in 20X3 . Cameron had another 102,000 employee stock options outstanding on 1 January 20X6, at an exercise price of $24. They expired on 30 June 20x6. Required: 1. Calculate the basic EPS (Do not round intermediate calculations. Round your answer to 2 decimal places.) Basia EPS 5 0.65 2. Calculate the Individual effects for preferred shares (converted), preferred shares (unconverted) and debentures (Do not round intermediate calculations. Round your answers to 2 decimal places.) Preferred shares, converted Preferred shares, unconverted Debentures Individual Effects 0.16 0.20 0.24 3. Calculate the Diluted EPS (Do not round intermediate calculations. Round your answer to 2 decimal places.) Diluted EPS The shareholders' equity of Cameron Corp. as of 31 December 20X6, the end of the current fiscal year, is as follows: $1 cumulative preferred shares, no-par, convertible at the rate of 4-for-1; 358,eee shares outstanding Connon shares, no-par: 3,580,000 shares outstanding Common stock conversion rights Retained earnings $ 9, 150,000 15,000,000 231,000 30,600,000 Additional information: On 1 July 20x6 150,000 preferred shares were converted to common shares at the rate of 4.for 1 . During 20X6, Cameron had convertible subordinated debentures outstanding with a face value of $4,000,000 The debentures are due in 20X2, at which time they may be converted to common shares or repaid at the option of the holder. The conversion rate is 12 common shares for each $100 debenture Interest expense of $175.000 was recorded in 2026 The convertible preferred shares had been issued in 20X0 Quarterly dividends, on 31 March 30 June 30 September and 31 December, have been regularly declared The company's 20X6 net earnings were $2,289,000, after tax at 30% Common shares traded for an average price of $18, stable in each quarter of the year. Cameron had certain employee stock options outstanding all year. The options were to purchase 600,000 common shares at a price of $14 per share. The options become exercisable in 20X3 . Cameron had another 100,000 employee stock options outstanding on 1 January 20X6, at an exercise price of $22. They expired Explanation Show correct answer . The convertible preferred shares had been issued in 20xo. Quarterly dividends, on 31 March 30 June 30 September, and 31 December, have been regularly declared. The company's 20x6 net earnings were $2,289,000, after tax at 30%. Common shares traded for an average price of $18, stable in each quarter of the year . Cameron had certain employee stock options outstanding all year. The options were to purchase 600,000 common shares at a price of $14 per share. The options become exercisable in 20X3 . Cameron had another 100,000 employee stock options outstanding on 1 January 20X6, at an exercise price of $22. They expired on 30 June 20X6 Required: 1. Calculate the basic EPS (Do not round intermediate calculations. Round your answer to 2 decimal places.) Basic EPS 2. Calculate the individual effects for preferred shares (converted), preferred shares, (unconverted) and debentures (Do not round intermediate calculations. Round your answers to 2 decimal places.) Individual Effect Preferred shares, converted Preferred shares, unconverted Debentures 3. Calculate the Diluted EPS. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Diluted EPS 1. Earnings Available to Weighted Common Average Number Shareholders of Shares EPS $2,289,000 Basic EPS: Net earnings Pref dividends 500,000 $0.25 x 2 350,000 $0.25 x 2 (250,000) (175,000) $1,864,000 Weighted average shares 2,900,000 x 6/12 3,500,000 x 6/12 Basic EPS 1,450,000 1,750,000 3,200,000 $0.58 2 Individual effects: Preferred shares, converted = 150,000 x $0.25 x 2 150,000 * 4 * 6/12 75,000 = 0.25 300,000 Preferred shares, unconverted = 350,000 $1 350,000 x 4 350,000 = 0.25 1,400,000 Debentures - 175,080 x (1 0.38) $4,000,000 x 1/100 x 12 $122,500 = 0.26 480,000 $14 Options = Shares issued: 600,000 Shares retired: (600,008 * $14) / $18.466,667 $22 Options The $22 options must be evaluated for the period during which they were outstanding, the first two quarters of the year. They were anti-dilutive during this period and are excluded for this reason 3. Earnings Available to Common Shareholders Weighted Average Number of Shares EPS Diluted EPS: Basic, above Options $1,864,000 $0.58 8.56 Subtotal Pref conversion; backdated 3,200,000 600,000 (466, 667) 3,333,333 300,000 3,633,333 1,400,000 5,033,333 480,000 5,513,333 0.53 $1,864,000 75,000 1,939,000 350,000 2,289,000 122,500 $2,411,500 Preferred shares 0.45 Debentures Diluted EPS 0.44 EPS disclosure