Styx Corp had 2210000 net income in 2017. On January 1, 2017, there were 410000 shares of common stock outstanding. On April 1, 36,000 shares were issued and on September 1, Styx bought 42,000 shares of treasury stock. There are 25,000 options to buy common stock at $32 a share outstanding. The market price of the common stock averaged $40 during 2017. The tax rate is 62%

During 2017, there were 30,000 shares of convertible preferred stock outstanding. The preferred stock is $100 par, pays $2.50 a year dividend, and is convertible into two shares of common stock.

Styx issued $3,000,000 of 7% convertible bonds at face value during 2016. Each $1,000 bond is convertible into 34 shares of common stock.

To solve the problem shown below, and to possibly earn a maximum credit, you must use the following formulas first: $A Net income formula = $1,100,000+ $5,000 X 2= 2210000 Number of common shares outstanding on January 1, 2017 formula = 200,000 + 5,000 X 2= 410000 B C% Tax rate formula = 30% + 1% X 2= 62% D Number of common stock shares each $1,000 bond converts into = 15+2 X 2= 34 Styx Corp had $A net income in 2017. On January 1, 2017, there were B shares of common stock outstanding. On April 1, 36,000 shares were issued and on September 1, Styx bought 42,000 shares of treasury stock. There are 25,000 options to buy common stock at $32 a share outstanding. The market price of the common stock averaged $40 during 2017. The tax rate is 0%. During 2017, there were 30,000 shares of convertible preferred stock outstanding. The preferred stock is $100 par, pays $2.50 a year dividend, and is convertible into two shares of common stock. Styx issued $3,000,000 of 7% convertible bonds at face value during 2016. Each $1,000 bond is convertible into D shares of common stock. Compute diluted earnings per share for 2017. Complete the schedule below, and show your calculations. Shares Adjustment EPS Adjusted net income Adjusted shares Security Net income Adjustment