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Sheffield Corp. had 209000 shares of common stock, 20600 shares of convertible preferred stock, and $1440000 of 5% convertible bonds outstanding during 2018. The preferred

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Sheffield Corp. had 209000 shares of common stock, 20600 shares of convertible preferred stock, and $1440000 of 5% convertible bonds outstanding during 2018. The preferred stock is convertible into 39200 shares of common stock. During 2015, Sheffield paid dividends of $1.00 per share on the common stock and $2 per share on the preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. The net income for 2018 was 5605000 and the income tax rate was 35%. Diluted earnings per share for 2018 is (rounded to the nearest penny) $2.24 $2.09 $2.05. $2.4

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