On December 31, 2021 Bittan Cop's long term liabilities and stockholders'

equity include:

$2,000,000 of 6% bonds payable. The bonds are convertible into

26.000 shares of common stock.

100,000 shares of preferred stock issued and outstanding, $100 par, 5%

dividend.

1,500,000 shares of common stock issued and outstanding, $2 par.

84,000 common stock options outstanding with an exercise price of

$36.00.

During 2022:

300.000 shares of common stock were repurchased for the treasury on

May 1.

Dividends of $5.00 per share were paid to preferred shareholders and

$1.50 per share to common shareholders.

Net income of $6,500,000 was reported on the income statement.

Bittan's tax rate was 21%.

ordings

rces

lation of

The average price of Bittan's common stock was $42.00 per share.

Required:

Calculate Bittan's 2022 basic and diluted earnings per share. You must show

your work for any partial credit, where earned, to be awarded.

On December 31, 2021 Bittan Corp.'s long term liabilities and stockholders' equity include: $2,000,000 of 6% bonds payable. The bonds are convertible into 26,000 shares of common stock. 100,000 shares of preferred stock issued and outstanding, $100 par, 5% dividend. 1,500,000 shares of common stock issued and outstanding, $2 par. 84,000 common stock options outstanding with an exercise price of $36.00. During 2022: 300,000 shares of common stock were repurchased for the treasury on May 1. Dividends of $5.00 per share were paid to preferred shareholders and $1.50 per share to common shareholders. Net income of $6,500,000 was reported on the income statement. Bittan's tax rate was 21%. The average price of Bittan's common stock was $42.00 per share. Required: Calculate Bittan's 2022 basic and diluted earnings per share. You must show your work for any partial credit, where earned, to be awarded. Edit View Insert Format Tools Table 12pt Paragraph 2 T BIUA