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Hanson co. had 200,000 ordinary shares, 20,000 shares of convertible preference shares, and $1,000,000 of 10% convertible bonds outstanding during 2011. the preference shares are convertible into 40,000 ordinary shares. during 2011, hanson paid dividends of $1.20 per share on the ordinary shares and $4 per share on the preference shares. each $1,000 bond is convertible into 45 ordinary shares. the net income for 2011 was $800,000 and the income tax rate was 30%. diluted earnings per share for 2011 is (rounded to the nearest penny) a) $3.33 b) $3.05. c) $2.81 d) $2.77.
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