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| Blackmer Company had 80,000 shares of common stock outstanding as of December 1, Year 1, the beginning of the company’s fiscal year. The company also had $200,000 of 8% convertible bonds outstanding that had been issued at $1,000 par. The bonds were convertible into 20,000 shares of common stock. The company’s tax rate is 34%. The company’s net income for the year was $107,000, and no bonds were converted during the year. The diluted earnings per share (rounded to the nearest cent) of Blackmer common stock for the fiscal year ended November 30, Year 2, was A. $1.18 per share. B. $1.07 per share. C. $1.20 per share. D. $1.23 per share. |