During all of the year just ended, Berlin Co. had outstanding 100,000 shares of

Question

During all of the year just ended, Berlin Co. had outstanding 100,000 shares of common stock and 5,000 shares of noncumulative, $7 preferred stock. Each share of the latter is convertible into three shares of common.For the year, Berlin had $230,000 income from continuing operations and $575,000 of extraordinary losses; no dividends were paid or declared. Berlin should report diluted earnings (loss) per share for income from continuing operations and for net income (loss), respectively, of

$2.30 and $(3:45)

$2.00 and $(3.00)

$2.19 and $(3.29)

$2.26 and $(3.39)

Explanation / Answer

Berlin should report the following :

$2.19 and $(3.29)

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