In 20X9, Matrix had net income of $200,000, weighted shares outstanding of 50,000, so basic EPS is $4.00. During the year, Matrix had an average stock price of $33. Their tax rate is 40%.

For the following independent cases, state whether the effect of the security is dilutive or antidilutive:

• Exercisable stock options with strike price of $25.

• 10%, $250,000 face value bonds (issued at par), convertible into 5,000 shares of common stock.

• Stock options with a strike price of $34.

• 5,000 shares of 8%, $100 par, cumulative preferred stock, convertible into 4,000 shares of common stock.