On January 1, 2024, PC Company had 80,000 shares of common s…
On January 1, 2024, PC Company had 80,000 shares of common stock outstanding and 30,000 shares of 10%, $30 par, cumulative preferred stock outstanding. It also had stock options giving key personnel the option to buy 20,000 common shares at $25 each. Net income for 2024 was $215,000. The income tax rate is 25%. During 2024, the average market price of the common shares was $40. Compute the 2024 diluted earnings per share for PC Company (rounded):