On January 2, 2008, Dino Co

Multiple Choice

On January 2, 2008, Dino Co. issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 30 shares. No bonds were converted during 2008. Dino had 50,000 shares of common stock outstanding during 2008. Dino's 2008 net income was $160,000 and the income tax rate was 30%. Dino's diluted earnings per share for 2008 would be (rounded to the nearest penny)

A) $2.71.
B) $3.03.
C) $3.20.
D) $3.58.