At December 31 . 2013 . Joplin Company had 350 shares of common stock outstanding. On October 1 . 2014, an additional 150 shares of common stock were issued. In addition, Joplin had $40,000 of 8 percent convertible bonds outstanding at December 31 . 2014, which are convertible in 225 shares of common stock. No bonds were converted into common stock in 2014 . Net income for the year ended December
31 . 2014, was $14,000 . Assuming an income tax rate of 50%, the basic earnings per share for the year ended December 31 . 2014, would be
a. $27.84
b. $36.08
c. $44.32
d. $50.91
B
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