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(Answered) Use the following information to answer the following question:


Use the following information to answer the following question:
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Use the following information to answer the following question: The following information was extracted from Smurm Corporation's 2002 annual report:,

 

,

 

Common stock ,

 

Shares outstanding 12/31/01 --- 90 million ,

 

New shares issued 4/1/02 --- 10 million ,

 

Shares outstanding 12/31/02 --- 100 million ,

 

,

 

Preferred stock ,

 

$10 par, 10%, convertible into 2 shares of common stock, shares outstanding --- 50 million ,

 

,

 

Options ,

 

1 million options, each to purchase one common share at $50 per share ,

 

,

 

Market price of stock ,

 

Average for year --- $75 ,

 

Beginning of year --- $70 ,

 

End of year --- $78 ,

 

,

 

Preferred dividends paid --- $50,000,000 ,

 

Net income for 2002 --- $350,000,000 ,

 

,

 

,

 

Using the treasury stock method, the options would result in how many extra shares being recognized in the diluted EPS calculation?,

 

,

 

a. 500,000 ,

 

b. 358,975 ,

 

c. 333,333 ,

 

d. 285,714

 


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