outstanding. The market price of the common stock averaged $$50$ during $2025.$ The tax rate is $40\%.$

In $2025,$ there were $39,000$ shares of convertible preferred stock outstanding. The preferred is $$100$ par, pays an annual dividend of $$3\mathrm{.}50$ per share, and is convertible into three shares of common stock.

Wildhorse issued $$1,800,000$ of $8\%$ convertible bonds at face value during $2024.$ Each $$1,000$ bond is convertible into $30$ shares of common stock.