the calculation for basic and diluted earnings per Amy Dyken, controller at Sarasota Pharmaceutical Industries, a public company, is currently preparing share and the related disclosure for Sarasota's financial statements. Below is selected financial information for the fiscal year ended June 30, 2017. SARASOTA PHARMACEUTICAL INDUSTRIES SELECTED BALANCE SHEET INFORMATION JUNE 30, 2017 Long-term debt Notes payable, 9% 8% convertible bonds payable 9% bonds payable $1,000,000 5,060,000 5,900,000 $11,960,000 Total long-term debt Shareholders equity Preferred stock, 6% cumulative, $50 par value, 103,000 shares authorized, 25,750 shares issued and outstanding $1,287,500 990,000 4,070,000 6,060,000 $12,407,500 Common stock, $1 par, 9,900,000 shares authorized, 990,000 shares issued and outstanding Additional paid-in capital Retained earnings Total shareholders' equity The following transactions have also occurred at Sarasota. 1. Options were granted on July 1, 2016, to purchase 200,000 shares at $15 per share. Although no options were exercised during fiscal year 2017, the average price per common share during fiscal year 2017 was $20 per share