During 2021, Sysco Corp. had 950,000 shares of common stock and 100,000 shares of 7% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Sysco declared and paid cash dividends of $400,000 and $200,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, Sysco issued $2,100,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares. Sysco's net income for the year ended December 31, 2021, was $6.00 million. The income tax rate is 20%. What will Sysco report as diluted earnings per share for 2021, rounded to the nearest cent? a. None of these answer choices are correct
b. 56.25
c. $6.03
d. $6.35

c. $6.03

Explanation:

Earnings available to common shareholders

Net Income                                                             $6,000,000

Less: Preference dividend                                     $200,000  

Net Income available to common shareholders  $5,800,000

Number of Common shares= 950,000

Equivalent common shares for convertible 5% Bonds = 10,450. [Number of bonds = 2,100,000/1,000 = 2,100 shares. Equivalent common shares = 2,100 * 5 = 10,500 shares]

Weighted average number of common shares outstanding = 950,000 + 10,500 = 960,500

Earnings per share = Earnings available to common shareholders / Weighted average number of common shares outstanding

Earnings per share = $5,800,000 / 960,500

Earnings per share = 6.038521603331598

Earnings per share = $6.04

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you have to put the parentheses like this:

in fact, you have to perform the operation inside parentheses first, and then proceed in order: