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EXTRA CREDIT 2 EARNINGS PER SHARE - 12 POINTS At December 31, 205, the financial statements of Little Manufacturing showed the following: Net Income (after-tax) $500 million Common Stock, $1 par: Shares outstanding on January 1 300 million shares Shares retired for cash on February 1 48 million shares Shares sold for cash on September 1 18 million shares Incentive stock options outstanding, fully vested 4 million shares Preferred Stock: Preferred stock, 10%, $70 par, nonconvertible $70 million Preferred stock, 8%, $50 par, convertible into 2 million shares of common stock $100 million Bonds Payable: 12.5% bonds, convertible into 20 million shares of common stock $200 million Additional data: The market price of the common stock averaged $20 during 20Y5. The year-end price was $24. The convertible preferred stock and bonds had been issued at par in 20Y1. The exercise price of the stock options is $15 per share Both preferred stock dividends were declared and paid. The tax rate for the year is 40%. REQUIREMENTS: Use the above information to answer the following questions: 1. What is the numerator in Little's Basic EPS calculation? 2. What is the denominator in Little's Basic EPS calculation? 3. What is the dilution index for Little's convertible preferred stock? 4. What is the dilution index for Little's convertible bonds? 5. In applying the treasury stock method for Little's incentive stock options, how many new shares would need to be issued as a result of the assumed (if-converted) option exercise? In other words, what is the denominator of the dilution index for Little's incentive stock options? 6. What is Little's Diluted EPS? Please round your answer to 3 decimal places